Varco Energy secures funding of BEES pipeline

Varco Energy has secured £58 million of debt financing facilities with NatWest to help fund its pipeline of Battery Energy Storage Systems (BESS).

With strategic advice from Carlingford, a division of GFI Securities Limited, Varco Energy approached NatWest to help with the funding of its Native River and Sizing John BESS projects, which are both forecast to be operational in the last quarter of 2024. Following detailed analysis of Varco’s funding requirements and forecast revenue streams, NatWest agreed to provide, as sole lender, a £50 million capex facility, as well as an £8 million VAT facility, and an interest rate hedging facility. Varco has two BESS assets in the UK; Native River, a 57MW/138MWh transmission connected BESS south of Liverpool,... ... More: Official Press Release Varco Energy

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Varco Energy, UK, financing, NatWest, BESS, battery, storage, Native River, Sizing John, MWh, facility, renewable energy, transmission