Quinbrook Infrastructure Partners, a global investment manager specializing in energy transition infrastructure, has announced the successful closing of a record-breaking debt financing for Cleve Hill Solar Park, the UK’s largest solar and battery storage project currently under construction. Situated in Kent, the project features a 373 MW solar farm and a 150 MW battery energy storage system (BESS), with operations expected to commence in 2025.
The financing package, provided by Lloyds and NatWest, includes a £218.5 million term loan and a £20 million VAT facility, making it the largest solar and battery storage financing ever closed in the UK. The financing was structured in two stages: the term loan for the solar PV component was completed in August 2024, while the loan for the BESS was finalized in March 2025.
Keith Gains, Managing Director and UK Regional Leader for Quinbrook, 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.”
James Taylor, Head of Infrastructure & Project Finance at Lloyds stated, “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.”
Critical revenue contracts underpinned the financing, ensuring long-term financial stability. Cleve Hill secured the largest award for a UK solar project in Round 4 of the government’s 15-year Contract for Difference auction scheme. Additionally, a landmark power purchase agreement with Tesco PLC will see 65% of the solar generation supplied directly to the retail giant. The BESS is also supported by a 15-year Capacity Market Agreement, which guarantees compensation for making power available during peak demand, enhancing grid reliability. These agreements collectively bring the project’s contracted and index-linked revenues to over £480 million.
Lyudmil Banev, Director, Project Finance at NatWest, also mentioned “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 sizable local community and biodiversity benefit. We see Co-location as a highly strategic sector with leading potential to become a centrepiece of the UK’s medium-term decarbonisation story.”
“When this project was envisioned over five years ago, we knew solar + 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,” commented Rory Quinlan, Quinbrook’s Co-Founder and Managing Partner.
Cleve Hill received development consent in May 2020 and is poised to make a significant environmental impact by reducing carbon emissions by more than 142,000 tonnes in its first year of operation. Furthermore, the project is committed to enhancing local biodiversity, aiming for a net gain of over 67%. Beyond its environmental contributions, the project is expected to generate substantial socio-economic benefits, supporting over 2,500 direct and indirect jobs throughout its lifetime and delivering more than £114 million in local economic value.
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