Scott McGregor, CEO of redT said: “We are pleased to move forward on the first phase of our German grid-scale project with a finance partner who has moved swiftly to get involved. We have now achieved two key milestones. Firstly, validation of our Gen 3 product for large grid-scale storage applications and secondly, proven that energy storage projects are a sought after asset category by infrastructure funders. We are now in a strong position to secure further orders and bring additional finance in alongside them.”
Update on German Grid Project Funding
Conditional commitment letter received for funding of 1st phase
redT energy plc (AIM:RED), the energy storage solutions company, announces that it has received a conditional commitment letter from an energy infrastructure fund to invest, together with its partners, approximately €37m for 100% financing of the first project to be deployed of a total 700MWh portfolio of grid-scale energy storage projects in Germany (previously announced on 26 July 2018).
This first project will use 800 redT units with a combined capacity of approximately 60MWh to supply Secondary Control Reserve and other grid services to the German and Austrian market.
This conditional commitment has been provided by the fund following a detailed review of the project data room documentation. All parties are committed to moving forward rapidly with this opportunity with financial close targeted by 31 December 2018.
As part of its strategy to channel infrastructure finance into energy storage projects, redT is working to secure and deploy finance across a $120m initial development portfolio of energy storage infrastructure projects in the near term, which includes projects within the Commercial & Industrial (C&I) sector, Grid-scale storage and large renewable generation plus storage. The Company is currently in active discussions with a number of leading infrastructure investors in this regard.
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