CIBC, MUFG, and NatWest provide underwritten funding for 500MW / 1,000MWh Eccles BESS in Scotland
Matrix Renewables, the TPG Rise-backed global renewable energy platform, has successfully closed a £245 million non-recourse project financing to support the construction of a large-scale, transmission-connected 500MW / 1,000MWh Battery Energy Storage System (BESS) project located in Eccles–Leitholm, in southern Scotland.
The financing was arranged as anUnderwrittenDeal provided by CIBC’s London Branch, MUFG Bank, Ltd., and NatWest, with NatWest also acting as Facility Agent, reflecting the strong confidence of leading international financial institutions in Matrix’s operating capabilities and the UK 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 battery storage facility will play a key role in enhancing grid flexibility, energy security, and the integration of renewable energy within the UK power system. Construction commenced in November 2025, with commercial operations expected in the third quarter of 2027 under a partnership with EDF. The project will drive local employment and stimulate local economic activity throughout the construction and operation phases.
Once operational, the Eccles BESS is expected to provide sufficient flexibility services to support the equivalent to the annual electricity consumption of approximately 270,000 households and avoid an estimated 170,000 tonnes of CO2-equivalent emissions per year, contributing meaningfully to the UK’s decarbonisation objectives.
Matrix Renewables has worked closely with local authorities and environmental stakeholders to ensure that the project is developed in line with strict environmental, technical and community standards, and integrated responsibly within the local landscape. The project has signed a collaboration agreement with the Leitholm, Eccles and Birgham Community Council to develop local initiatives that benefit residents.
This transaction represents a significant milestone not only for this project, but also for Matrix Renewables’ broader expansion strategy across the UK market, where the company is actively developing and progressing multiple storage and renewable opportunities.
Matrix Renewables was advised by A&O Shearman (London) as legal counsel. The lenders were advised by Watson Farley & Williams (London) on legal matters, Enertis as technical advisor, and Aurora as market advisor.
About Matrix Renewables
Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $31 billion impact-investing platform. Matrix Renewables’ current portfolio is comprised of 15.5 GW of solar, storage and green hydrogen projects in Europe, United States, and Latin America. For more information, send an email to media@matrixrenewables.com
Source: Matrix Renewables
