Mizuho EMEA is pleased to announce the successful financial close of the financing of Eccles Battery Energy Storage System (BESS) Project, a 400 MW / 800 MWh asset developed by KKR and Infracapital backed Zenobe Energy Ltd, an international provider of end-to-end solutions in fleet electrification and battery storage solutions.
This deal marks a significant milestone as the first BESS financing in EMEA for Mizuho, reinforcing the bank’s commitment to supporting energy transition and decarbonisation. The Eccles BESS Project is part of Zenobē's £750 million portfolio of battery storage projects in Scotland.
As the UK power system rapidly decarbonises driven by ambitious Net Zero policy targets, BESS assets will become critical to its stable operation, with over 11GW new projects forecast to come online by 2030.
The project will be one of the largest BESS assets in Scotland and will benefit from both a tolling agreement and a secured capacity market contract, ensuring a stable and highly attractive revenue profile throughout its lifetime. Expected to achieve commercial operations in Q2 2027, the Eccles BESS Project will play a crucial role in enhancing grid stability and integrating renewable energy into the UK power system.
The financing of this project underscores Mizuho’s strong commitment and strategic focus on sustainable infrastructure and its growing expertise in battery storage solutions.
Dexter Maitland, Head of Power and Energy Transition commented, "Mizuho is committed to sustainability and energy transition sits at the core of our business development strategy. We are delighted to play our part in this landmark transaction with our cherished partners."
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About Mizuho EMEA
Mizuho EMEA provides corporates and institutions in the region with unparalleled access and expertise in Japan and Asia, and supports clients with their corporate and investment banking, and asset management needs. Headquartered in London and with a strong presence throughout the region, our client base includes leading corporations, financial institutions and state owned entities. We are a strategic financial partner whose purpose is to proactively innovate together with our clients for a sustainable future.
Mizuho’s presence in EMEA is an integral part of the Japan-based Mizuho Financial Group, Inc. Mizuho Financial Group is one of the largest financial institutions in the world, offering comprehensive financial and strategic services through its subsidiaries. The group has over 900 offices and 60,000 employees worldwide in nearly 40 countries throughout the Americas, EMEA, and Asia. As of 31 March 2024, its total assets were US$2 trillion.