Matrix Renewables secured £245 million in non-recourse financing for its 500 MW/1,000 MWh Eccles BESS project in southern Scotland. Backed by CIBC, MUFG and NatWest, the project will enhance grid flexibility, renewable integration and energy security in the UK. Commercial operations are expected by Q3 2027, with the system capable of supporting around 270,000 households annually.
PROJECT SNAPSHOT
Company: Matrix Renewables
Project: Eccles–Leitholm BESS
Location: Southern Scotland, UK
Capacity: 500 MW / 1,000 MWh
Financing: £245 million (non-recourse)
Lenders: CIBC, MUFG, NatWest
Commissioning: Expected Q3 2027
Role: Grid flexibility and renewable integration
Matrix Renewables, the TPG Rise-backed renewable energy platform, successfully closed £245 million in non-recourse project financing in April 2026 for its 500MW/1GWh Eccles BESS project in southern Scotland. It has set a target to develop over 3 GW of battery storage and generation capacity in the UK in the coming years. This expansion is supported by its parent, TPG Rise, which manages a $31 billion impact-investing platform.
Matrix Renewables officially entered the UK market by partnering with Green BESS Developments to develop a 1GW/2GWh portfolio. This portfolio included the Eccles and Kilmarnock projects, both strategically located along major transmission corridors to manage grid constraints between Scotland and England.
In March 2026, the company entered into a long-term Battery Optimization Agreement with EDF. EDF will use its Powershift platform to provide route-to-market services and manage the battery's dispatch across UK energy markets. Now, the £245 million debt package was finalized as an underwritten deal provided by a banking consortium including Canadian Imperial Bank of Commerce (CIBC), MUFG Bank, and NatWest. NatWest also serves as the Facility Agent for the transaction.
The financing was arranged as an underwritten deal by CIBC’s London Branch, MUFG Bank, Ltd., and NatWest, with NatWest, which is acting as the facility agent. This partnership underscores the high level of trust top-tier international lenders have in the UK storage market and Matrix’s operational expertise.
Eccles battery facility plays a key role for power transmission between Scotland and England. It will serve as a critical tool for grid stability, energy security and UK's transition to green power. The construction was started in late 2025. The site is expected to begin its commercial service in Q3 2027 through a strategic collaboration with EDF. A part of these technical benefits, the development is set to provide a regional economic boost by creating jobs during its build-out and long-term operation.
Once operational, Eccles BESS will considerably advance UK's net-zero goals by avoiding an estimated 170,000 tonnes of annual CO₂ emissions. The capacity of this facility is designed to provide enough grid flexibility of power to approximately 270,000 homes each year. Matrix Renewables coordinate with local planners and stakeholders to blend the facility into the existing landscape and to ensure that this project is developed in accordance with strict environmental and technical standards. The project has signed a collaboration agreement with the Leitholm, Eccles and Birgham Community Council. This focuses on local programs designed to develop local initiatives that benefit residents.
The deal of this project represents a major breakthrough in Matrix Renewables across UK market growth plans. The firm continues to advance a diverse pipeline of renewable energy and storage developments across the country. Legal counsel for Matrix Renewables was provided by A&O Shearman’s (London). The legal guidance was provided from Watson Farley & Williams (London) on legal matters, Enertis as technical advisor and Aurora as market advisor.