Matrix Renewables, a global renewable energy platform backed by TPG Rise, has closed a £245 million non-recourse project financing to support the construction of a 500MW / 1,000MWh battery energy storage system (BESS) in Eccles–Leitholm, southern Scotland.

The financing was structured as an underwritten deal provided by CIBC’s London Branch, MUFG Bank, Ltd., and NatWest, which will also act as Facility Agent. According to the company, the transaction reflects strong confidence from international financial institutions in both Matrix’s operating capabilities and the UK’s growing storage market.

“This £245 million financing underwritten by CIBC, MUFG, and NatWest reflects the strong and growing demand for high-quality battery storage assets and reinforces the strength of our UK platform,” said Nicolás Navas, CFO of Matrix Renewables. “We are grateful for the continued support and partnership of our banking partners in bringing this project to a successful financial close,” he added.

Strategically located along key transmission corridors between Scotland and England, the Eccles BESS is expected to enhance grid flexibility, strengthen energy security, and support the integration of renewable energy into the UK power system. Construction began in November 2025, with commercial operations anticipated in the third quarter of 2027 under a partnership with EDF.

Once operational, the project is expected to deliver flexibility services equivalent to the annual electricity consumption of around 270,000 households, while avoiding approximately 170,000 tonnes of CO?-equivalent emissions per year, contributing to the UK’s decarbonisation targets.

Matrix Renewables also highlighted its collaboration with local authorities and environmental stakeholders to ensure the project meets strict environmental, technical, and community standards. A separate agreement has been signed with the Leitholm, Eccles and Birgham Community Council to develop initiatives that benefit local residents.

The transaction marks a key milestone for both the Eccles project and Matrix Renewables’ broader expansion strategy in the UK, where the company continues to advance a pipeline of storage and renewable energy projects.

Matrix Renewables was advised by A&O Shearman (London) as legal counsel. Lenders were advised by Watson Farley & Williams on legal matters, Enertis as technical advisor, and Aurora as market advisor.