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Securing tomorrow’s energy, today

Eku Energy is a specialist battery energy storage business, which was established in 2022, to meet the growing need for utility-scale battery storage (BESS) worldwide. 

Jointly owned through a Macquarie Asset Management managed fund and British Columbia Investment Management Corporation, Eku Energy specialises in working across the full project life cycle; including development, construction and management of its assets to ensure a clean and reliable energy transition.  

Eku Energy has 4.6GWh of battery storage in development, construction and operations globally, including; the UK, Australia, Italy and Japan. The company currently operates BESS sites in Maldon and Basildon in Essex, and High Wycombe in Berkshire.   

Eku Energy aims to expand their global energy storage capacity to 9GW by 2028 to help meet the growing demand of battery storage solutions. 

Two-bank consortium provides over £145m of BESS funding, with over £45m in funding for new Ocker Hill BESS, and an additional £100m uncommitted accordion

Planning to grow its UK BESS portfolio as part of its global expansion, Eku Energy asked NatWest to act as its Sole Debt Advisor to structure a comprehensive financing package to help fund further BESS projects in the UK. 

NatWest introduced Eku Energy to lenders with the focus not only on detailing Eku Energy’s UK and global plans but also educating lenders about the longer-term prospects of the UK BESS market.     

Based on offers from potential lenders, the NatWest deal team brought in Sumitomo Mitsui Banking Corporation as another lender alongside NatWest. The two-bank consortium agreed a £37 million Term Loan, a £100 million uncommitted accordion and £8.55 million Ancillary Facilities with Eku Energy. 

NatWest committed to assist the UK’s energy transition and adoption of BESS

Heather Offord, EKU Energy, commented on the transaction: “We are delighted to have successfully completed this transaction which marks a number of firsts for Eku Energy, namely our first long-term toll in the UK and our first UK debt financing. This transaction reflects the hard work and dedication of our team over many years, and we are grateful to NatWest for their strategic advice and deep understanding of the BESS sector. Their partnership and commitment have been key in helping us reach this important milestone.” 

Andrew MacDonald, NatWest Structured Asset Finance, said: “We are delighted to support Eku Energy with their Ocker Hill site and supporting the expansion of their UK energy storage. With 4.6GWh of BESS in development, Eku provides essential grid stability services with a drive to lower consumer bills and supporting the global and UK energy transition.”  

Finance is subject to status. Security may be required. Product fees may apply. Climate and sustainable funding & financing represents only a relatively small proportion of our overall funding and financing 

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