Battery storage project secures £245m finance deal

A £245m funding package has been put in place for a major battery energy storage system (BESS) project in the Borders.

It will support the construction of the development near the Eccles substation in the Borders, which started in November.

Matrix Renewables said the deal showed the "strong and growing demand for high-quality battery storage".

The number of schemes being proposed in the area has caused community concerns about the industrialisation of a previously largely rural landscape.

Locations in and around Eccles have proved popular with developers due to their proximity to the substation which is being expanded.

However, the number of projects has prompted residents of nearby Leitholm - a village between Coldstream and Greenlaw - to claim the heart is being ripped out of their community.

The finance deal for the Matrix scheme has been underwritten by banking companies CIBC, MUFG and NatWest.

It is hoped the site can begin operation next year in partnership with energy firm EDF.

Matrix said it would "drive local employment and stimulate local economic activity" during the construction and operation phases.

Once it is up and running the Eccles BESS is expected to meet the energy needs of about 270,000 homes.

The company said it had worked closely with organisations and stakeholders to ensure it was developed in line with "strict environmental, technical and community standards".

It added that a collaboration agreement had been signed with the local community council to develop local initiatives which would benefit residents.