Quinbrook Infrastructure Partners has closed a record-breaking project financing for Cleve Hill Solar Park, the UK’s largest PV and battery storage project.
Up to £238.5m has been secured for the 373MW solar and 150MW battery energy storage system (BESS) in Kent, which is the first to be consented as a Nationally Significant Infrastructure Project (NSIP).
The project financing, combining a £218.5m term loan and a £20m VAT facility, is provided by Lloyds and NatWest.
It is the largest solar and battery storage project financing ever closed in the UK and was arranged in two tranches, with the term loans for the solar PV completed in August 2024 and for the BESS facility in March 2025.
Cleve Hill (pictured), which is under construction, is expected to commence operations this year.
Quinbrook managing director and UK regional leader Keith Gains said: “Cleve Hill is a model for the development and financing of future large-scale projects in the UK that can meaningfully support the country’s decarbonisation goals while spurring economic growth and long-term job opportunities for local communities.
“The record-breaking financing secured is the latest milestone for this flagship project and our success here is a testament to the hard work and close collaboration of the Quinbrook and Private Energy Partners teams and our lending partners.”
The revenue contracts secured for the project are critical to underwriting the project financing. In addition to securing the largest award for a UK solar project in Round 4 of the government’s 15-year Contract for Difference auction scheme and the landmark offtake agreement with Tesco PLC for 65% of the solar generation, the project will also benefit from a 15-year Capacity Market Agreement for the BESS.
This agreement ensures that the project is compensated for having its power generation capabilities ready and available during periods of high demand, enhancing grid reliability.
The Capacity Market Agreement brings the total contracted and index linked revenues for the project to over £480m.
Head of infrastructure and project finance at Lloyds James Taylor said: “This landmark energy infrastructure project is another boost to the UK’s attractiveness as a destination for investment.
“As one of the UK’s largest retail and commercial banks, we work with businesses across the country to provide our support for projects that will help to deliver economic growth, provide energy security, and create jobs.”
Director of project finance at NatWest Lyudmil Banev said: “We are proud to have continued our global partnership with Quinbrook working together closely from the early stages of Cleve Hill to structure and underwrite a complete financing for the first and largest co-location NSIP in the UK.
“Cleve Hill is a cornerstone transaction for the UK market delivering material new renewable capacity whilst alleviating grid constraints, with a sizeable local community and biodiversity benefit.
“We see co-location as a highly strategic sector with leading potential to become a centrepiece of UK’s medium-term decarbonisation story.”
Cleve Hill was granted development consent in May 2020 and is expected to help reduce carbon emissions by more than 142,000 tonnes in the first year of operations while also seeking to deliver a net gain of over 67% in biodiversity.
The project is also expected to support over 2500 direct and indirect jobs over its lifetime and generate more than £114m million in local socio-economic benefits.
Quinbrook’s co-founder and managing partner Rory Quinlan added: “When this project was envisioned over five years ago, we knew solar and battery storage projects of this scale would play a critical role in accelerating the UK’s transition and Cleve Hill is a prime example of how strategic investments can enhance national energy infrastructure.”
