Quinbrook Infrastructure Partners has secured financial close for the largest United Kingdom (UK) solar and storage project to date. The 373 MW solar, 150 MW battery energy storage system (BESS) Cleve Hill Solar Park is currently under construction with full commissioning expected later in 2025. It is the first and largest co-located solar and storage project to be approved under the UK government’s Nationally Significant Infrastructure Project (NSIP) scheme.
Financing for Cleve Hill combines a $444.3 million (GBP 218.5 million) term loan with a GBP 20 million VAT facility. This was organised in two tranches according to Quinbrook, with term loans for the solar PV completed in August 2024 before the BESS facility was agreed in March 2025. Lloyds and NatWest are the banks providing finance.
The developer claims contract for difference, capacity market and power purchase agreements (PPAs) were critical to securing project financing.
Cleve Hill has agreements in place for more than GBP 480 million in contracted and index linked revenues, according to the developer, through a mix of state-backed and private sector instruments.
Cleve Hill Solar Park secured the largest award for a UK solar project in the fourth round of the UK 15-year contract for difference (CfD) auction in 2022, while the project’s BESS has secured a 15-year capacity market agreement. Cleve Hill Solar Park was also the subject of the largest UK solar PPA to date in a landmark deal signed with grocery retailer Tesco. The supermarket chain inked a 15-year corporate PPA covering 65% of the project’s solar generation announced in 2024. Project capacity contracted through the UK CfD scheme will be managed by Shell Energy Europe Limited as part of a 10-year route-to-market agreement.
In a press release, Quinbrook UK Regional Leader Keith Gains described Cleve Hill as a model for the development and financing of future large-scale solar projects in the UK.
“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 Oartners teams and our lending partners,” he said.
NatWest Director, Project Finance, Lyudmil Banev said the bank has worked with Quinbrook from the early stages of Cleve Hill’s development and described the finance deal as a “cornerstone transaction” for the UK market.
“We see co-location as a highly strategic sector with leading potential to become a centerpiece of UK’s medium-term decarbonisation story,” Banev said.
Quinbrook was advised by Norton Rose Fulbright.
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