Operations are set to start in mid-2027.
The Thorpe Marsh facility is designed with a capacity of 1.4GW/3.1GWh and is scheduled to begin operations in mid-2027. Once operational, it is expected to become the largest battery storage project in the UK, capable of delivering more than two million megawatt hours annually, enough to power over 785,000 homes.
Fidra Energy CEO Chris Elder said: “Reaching financial close for Thorpe Marsh is a huge achievement for Fidra Energy. Thorpe Marsh is one of the most exciting infrastructure projects in the world and a landmark transaction in the energy sector. The investment by EIG and the NWF is testament to the outstanding team at Fidra and everyone who has supported us on the project.”
To advance the project, Fidra has awarded a contract to Sungrow to supply its Power Titan 2.0 batteries. H&MV Engineering will oversee grid connections and electrical work, while Jones Bros Civil Engineering UK has been appointed as the principal contractor for civil and drainage works on site.
EIG managing director and energy transition global head Walid Mouawad said: “EIG is pleased to support the development of the Thorpe Marsh BESS project. We are also thrilled to welcome the National Wealth Fund as our partner in Fidra Energy, which builds on our platform strategy of identifying market opportunities.”
Fidra Energy has secured long-term offtake agreements with EDF, Octopus Energy, and Statkraft for nearly 80% of the project’s capacity. The project has also been awarded a 15-year capacity market contract from the UK government, starting in October 2028.
Financial advisory roles were provided by Santander CIB, New End, and EIG Global Energy Partners Capital Markets for the capital raise, while Santander CIB also advised on the debt financing.
NWF interim CEO Ian Brown commented: “The NWF is set to play a meaningful part in helping the UK achieve its clean energy ambitions, through our support for this and other key projects. Our investment highlights our role as a significant player in the storage sector, and, working alongside EIG and Fidra, we’re helping to provide the finance needed to deliver large-scale battery assets to improve grid stability and further enhance the UK’s energy independence.”
The Thorpe Marsh project represents a significant milestone in expanding the UK’s renewable energy infrastructure. By combining large-scale battery capacity with long-term agreements and government backing, Fidra Energy aims to strengthen energy reliability and contribute to the country’s sustainability goals.
