Matrix Renewables has reached financial close on a £245 million non-recourse financing package to support the construction of a 500MW / 1,000MWh battery energy storage system (BESS) at Eccles–Leitholm in southern Scotland. The Madrid-headquartered renewable energy platform, backed by TPG’s impact investing arm TPG Rise, said the deal represented a significant milestone in its expansion strategy in the UK storage market.
The large-scale, transmission-connected project will be built along key transmission corridors between Scotland and England, positioning it as a critical asset for balancing the grid and enabling more renewable power to flow south. Construction began in November 2025, with commercial operations expected to start in the third quarter of 2027.
The financing has been structured as an underwritten deal provided by CIBC’s London branch, MUFG Bank, and NatWest, with NatWest also acting as Facility Agent. According to Matrix, the involvement of three major international lenders underlines growing institutional confidence in battery storage as a mainstream infrastructure asset class in the UK.
Nicolás Navas, Chief Financial Officer of Matrix Renewables, said the transaction highlighted both investor appetite and the company’s strengthening position in the 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,” he commented. “We are grateful for the continued support and partnership of our banking partners in bringing this project to a successful financial close.”
Once operational, the Eccles BESS is expected to provide vital flexibility services to the UK electricity system by storing excess generation at times of low demand and releasing it when the grid is under strain. Strategically located near key north–south transmission routes, the project is designed to support the integration of more wind and other renewable generation while enhancing energy security and system resilience.
Matrix has already struck a long-term Battery Optimisation Agreement with EDF for the project, under which EDF will provide route-to-market services and optimise the asset in wholesale and balancing markets once it is online. The company has also signed a Full EPC (engineering, procurement and construction) agreement with Tesla for the design, construction and commissioning of the 500MW / 1GWh standalone BESS.
Chris Matthews, Chief Commercial Officer at Matrix Renewables, said the scheme would be central to the firm’s ambitions in the UK. “We are proud to be delivering one of the UK’s largest battery storage projects and to partner with EDF for its commercial optimisation,” he said. “Battery storage will play a critical role in enabling the continued growth of renewable energy while strengthening the resilience and flexibility of the electricity system.”
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Beyond its system benefits, the project is expected to create jobs and stimulate the local economy during both construction and operation. Matrix has entered into a collaboration agreement with the Leitholm, Eccles and Birgham Community Council to support local initiatives and ensure the scheme delivers tangible benefits for nearby communities.
The Eccles–Leitholm facility forms part of Matrix Renewables’ broader plan to develop more than 3GW of battery storage capacity in the UK over the coming years. By providing large-scale flexibility, the project will contribute to the Government’s Clean Power 2035 ambition and Net Zero 2050 target, helping to manage a more renewables-heavy grid.
Legal advice to Matrix on the financing was provided by A&O Shearman in London, while the lending group was advised by Watson Farley & Williams, with Enertis acting as technical adviser and Aurora Energy Research as market adviser.
