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Pulse Clean Energy secures £220 million to accelerate UK battery storage infrastructure development
Published in: Solar, Press Releases

- Santander, NatWest, ABN AMRO, NORD/LB, Investec, and CIBC back Pulse Clean Energy’s next growth phase, with one of the UK’s largest private debt deals for battery storage infrastructure
- The deal signals global investor confidence in the UK energy storage sector as the maturing market has allowed the National Wealth Fund to step back as a lender
- The green financing will underpin the construction of six read-to-build battery projects across the UK, including the conversion of four former diesel generator sites, totalling over 700MWh
Pulse Clean Energy today announced it has secured a £220 million green finance deal from a consortium of six international banks, marking one of the largest financings in the UK for battery storage infrastructure.
The green debt raise was structured in alignment with the Green Loan Principles of the Loan Market Association. Santander CIB served as Green Loan Coordinator, bringing together a diverse banking consortium, including Santander, NatWest, ABN AMRO, NORD/LB, Investec, and CIBC.
This green financing will facilitate the construction of six ready-to-build battery energy storage system (BESS) sites, including the conversion of existing diesel sites to BESS assets. It will also support the ongoing funding of nine sites already in operation or in late stage construction. These sites are strategically located across the UK in areas including Scotland, Devon, Greater Manchester, and Wales.
The six new BESS projects will collectively provide over 700MWh of capacity. During their operational life these projects will create over £200 million in gas and emissions savings for UK consumers. These savings are in addition to the benefits of enabling greater integration of wind and solar power, as the batteries provide the grid with the flexibility needed to accommodate variable renewable energy sources. This highlights the critical role these projects will play in reducing consumer energy bills by facilitating the use of low-cost renewables, decreasing reliance on imported gas, and strengthening the UK’s energy security.
The National Energy System Operator (NESO) forecasts the country will need at least 50GW of energy storage power capacity and just under 200GWh of capacity by 2050 - requiring four to five times current capacity by 2030 alone. Today’s financing positions Pulse Clean Energy to capture a material share of the expanding market.
This announcement represents a major vote of confidence in the UK's rapidly expanding storage sector. Pulse Clean Energy was previously backed by a consortium involving the National Wealth Fund (NWF) in May 2023 – representing NWF's first debt transaction in battery storage and endorsing the company’s leading contributions to the sector. Now, as the market matures, strong interest from UK and European commercial banks has allowed the NWF to step back.
Pulse Clean Energy has established itself as a leading developer and operator of battery storage in the UK, with a planned operational capacity of over 2GWh by 2030.
Nicola Johnson, Chief Financial Officer of Pulse Clean Energy, said: “This landmark investment reflects strong global confidence in the growing UK battery storage market and in Pulse Clean Energy’s ability to deliver at scale. These six facilities will not only strengthen grid resilience but also unlock significant cost savings for consumers by allowing more renewable power onto the grid and reducing the need for expensive backup power during peak periods.
“We’re proud to be at the heart of the UK’s energy networks – delivering critical infrastructure and turning former fossil fuel sites into energy assets which will enable a better energy system. With the backing of partners who share our long-term vision, we’re accelerating toward a future where energy is not only clean, but reliable and affordable for everyone.”
All battery energy storage systems financed by this deal are expected to be operational by the end of 2027.
Javier Trueba, Managing Director at Santander CIB, said: “This transaction reinforces Santander Corporate & Investment Banking´s commitment to supporting the energy transition in the UK, in particular focusing on facilitating the construction of battery storage as a key infrastructure component of that transition. We are proud to have supported Pulse Clean Energy in this exercise, whose vision, determination, and technical expertise underpin this very high quality portfolio”
Pulse Clean Energy was advised by Eversheds Sutherland as legal counsel, with Watson Farley & Williams acting as the lender’s legal counsel and Chatham Financial as hedging advisor. Timera provided market advisory, Everoze served as technical and ESG advisors, Operis supported as model auditor and tax advisor, and Willis Towers Watson advised on insurance.
For more information, or to arrange interviews, please contact:
Amelia Moran: amelia@thisisstand.com | Pulse@standagency.com
Will Paxton: will@thisisstand.com | Pulse@standagency.com
Further information about Pulse Clean Energy can also be found at: http://www.pulsecleanenergy.com/
Further details on the debt raise
The financing is structured as a Green Loan which supports the ambition of Pulse Clean Energy to fully align to the EU Taxonomy requirements - one of the best available standards on the market.
About Pulse Clean Energy
As a leader in energy storage, Pulse Clean Energy develops innovative solutions to balance, optimise and secure the energy network. Driven by unshakeable ethical and sustainable values, its vision is a secure, clean, lower cost energy network that improves lives for all.
Pulse Clean Energy is backed by the Investment Management Corporation of Ontario (IMCO), a Canadian institutional investor with CA$86 billion assets under management.
About Santander
Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards).
This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way.
Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2025, Banco Santander had €1.4 trillion in total funds, 175 million customers, 7,900 branches and 207,000 employees.
Santander Corporate & Investment Banking (Santander CIB) is Santander’s global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication, as well as to responsible banking standards that contribute to the progress of society.