Santander Corporate & Investment Banking (Santander CIB) has supported Gresham House Energy Storage Fund (GRID) by providing a £29.8 million Buyer Credit facility, backed by Sinosure, to finance the development of two battery energy storage system (BESS) projects in the United Kingdom.

The financing will support the Cockenzie A project in Scotland and Monet's Garden in North Yorkshire, two strategic energy storage assets that will strengthen the UK's electricity grid and support the country's energy transition.

The transaction represents several significant milestones for the infrastructure finance market. It is the first Export Credit Agency (ECA)-backed financing for a battery energy storage system (BESS) project in the UK and also marks Santander's first ECA-wrapped fixed-rate loan supporting a UK infrastructure project.

The financing structure combines Santander CIB's leading expertise in Export Credit Agency-backed financing with its Project Finance capabilities, enabling the delivery of attractive financing terms for critical battery storage infrastructure.

Through this transaction, Santander CIB further strengthens its role in financing projects that support the energy transition, facilitating the deployment of strategic infrastructure that enhances the resilience of the UK's electricity grid while accelerating the integration of renewable energy into the country's power system.

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