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Aurora supports TagEnergy in securing funding for battery project

By February 28, 2024April 5th, 2024Great Britain, Media
  • The fully merchant project, boasting a capacity of 49.9MW/99.8MWh, is financed through a green loan package of up to £70 million, provided by lenders Santander UK, Rabobank, and Triple Point.
  • TagEnergy used Chronos —Aurora’s bankable battery valuation software — to provide revenue projections that underpinned the financing.
  • Construction is underway, with completion expected by the end of 2024.


OXFORD (AURORA ENERGY RESEARCH)—Aurora Energy Research, the world’s largest dedicated power market analytics provider, is pleased to announce its support for TagEnergy in securing its sixth battery energy storage system (BESS) project in the UK, offering energy market analytics to the global clean energy enterprise.

TagEnergy’s achievement in reaching financial close on the 49.9MW/99.8MWh Pitkevy facility in Fife, Scotland, is a significant milestone. The project was financed under a non-recourse green loan package of up to £70 million, provided by lenders Santander UK, Rabobank, and Triple Point on a fully merchant basis, except for Capacity Market revenues.

TagEnergy utilized Aurora’s bankable software solution, Chronos, a tool through which users can run valuations of BESS projects using Aurora’s cutting-edge proprietary battery dispatch engine, providing clients with rapid reliance-ready results for due diligence, transactions, and debt financing.

The Pitkevy project marks TagEnergy’s second fully merchant asset involving Aurora Energy Research. The first was Lakeside, a 100MW/200MWh BESS in North Yorkshire. Lakeside, a collaboration between TagEnergy, Tesla, Habitat Energy, and RES, secured a non-recourse debt package of up to £70 million from Santander, Rabobank, and Triple Point in October 2023. Initially designated for Lakeside’s construction and operation, the current package also includes an uncommitted accordion facility, enabling TagEnergy to incorporate Pitkevy into the funding structure.

Pitkevy is TagEnergy’s first split-contract venture, with Tesla supplying the Megapack 2 XL battery system and RJ McLeod handling site works and battery container installation. Flexitricity serves as the energy platform partner and battery optimizer, with RES appointed as the asset manager.

Mateusz Wronski, Global Software Solutions Director at Aurora Energy Research, commented:

“We are delighted that Chronos could support TagEnergy in securing the financing for a second fully merchant asset after Lakeside. It’s another sign of the continued trust that both developers and the financing community place in our solution. Building and financing of semi- and fully merchant BESS assets will be a critical driver of decarbonisation globally, and we are excited about the part that Chronos has to play in this process.”

Construction has commenced, and the energy park is scheduled to be operational by the end of 2024.

– ENDS –


Zina Fragkiadaki, Press Officer


Established in 2013, Aurora Energy Research is a leading global provider of power market forecasting and analytics for critical investment and financing decisions. Headquartered in Oxford, we operate out of 14 offices worldwide covering Europe, North & South America, Asia, and Australia.

Our comprehensive services include market outlook packages for energy industry participants, advisory support, and innovative software solutions. We foster diversity with a team of over 600 experts with backgrounds in energy, finance, and consulting, offering unparalleled expertise across power, renewables, storage, hydrogen, carbon, and fossil commodities. Our mission is to ease the global energy transition through widely trusted quantitative analysis and high-quality decision support.


TagEnergy generates and trades competitive, clean power to accelerate the energy transition. Created in 2019, TagEnergy’s ambition is to create value by combining large-scale renewable assets with an energy management platform, dispatchable technology and the use of innovative financial instruments. This model enables TagEnergy to deliver clean, competitively-priced, reliable energy to end users. Renewables have now become the main source of energy able to provide both social responsibility and price efficiency, and we are delivering this in the countries where we have established our activity. Our team passionately brings its expertise and experience together to implement our business model.