Financing the transition to a net zero economy: Thorpe Marsh non-recourse project financing

Providing clean power to hundreds of thousands of homes

We are proud to have supported Fidra Energy, and their sponsors EIG and the National Wealth Fund, in securing £594m non-recourse project financing for the 1,400 MW/ 3,100MWh Thorpe Marsh project to be constructed and operated in Yorkshire, England.

Battery energy storage systems are a recognised low-cost technology solution, which provide clean and reliable electricity supplies when the wind doesn’t blow or the sun doesn’t shine. Once finished, Thorpe Marsh is expected to be capable of exporting over 2 million MWh a year, supplying over 785,000 homes with power.

David Harradine, Head of UK Project & Infrastructure Finance, ABN AMRO commented: “The financing marks a significant milestone for our Bank, as it represents the largest BESS financing to date, further solidifying our position as a leading financier in the battery storage market. We are honoured to support Fidra Energy, EIG, and the National Wealth Fund with such an innovative and transformative project, which will play a critical role in enabling renewable energy integration and ensuring grid reliability.”

Leading the UK BESS financing

This transaction underscores ABN AMRO’s dedication to the UK’s net zero transition and aligns seamlessly with the Bank's climate strategy. By supporting the development and provision of clean, renewable energy, it significantly contributes to the broader energy transition goals and Climate Plan targets of ABN AMRO.

“For EIG, the financial support from ABN AMRO played an important role in advancing the project. Battery storage is a key component of EIG’s energy transition strategy, and achieving Financial Close on Thorpe Marsh represents a meaningful step forward in its implementation. The scale of this project is significant within the UK market, and we appreciate the support from our lending partners, including ABN AMRO, in helping bring the transaction to a close,” commented Walid Mouawad, Managing Director & Global Head of Energy Transition, EIG.

A step forward in the UK’s energy transition

Head of Sustainability Expertise ABN AMRO UK, Caroline Barr said: “This transaction is a landmark development that marks a critical step forward in the nation’s energy transition. The partnership reflects our shared commitment to driving sustainable innovation and supporting the infrastructure essential for a resilient, low-carbon energy system. Thorpe Marsh will play a pivotal role in enhancing grid stability, enabling greater integration of renewable energy, and accelerating progress towards the UK’s net zero ambitions.”

ABN AMRO plays a key role in this transformation by financing clients through their decarbonisation journeys, supporting green innovation, and aligning capital with environmental goals. As a trusted partner, ABN AMRO is committed to accelerating the UK’s energy transition and fostering long-term value for businesses and society.

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