The company said separate project finance facilities have been signed for the Cockenzie, Monet’s Garden and Elland 2 projects, covering up to 70% of individual project costs.
GRID added that the senior debt financings comprise loans totalling £141m from a syndicate of four lenders.
Cockenzie has a capacity of 240MW/480MWh, while Monet’s Garden totals 57MW/114MWh and Elland 2 totals 100MW/200MWh.
The facilities have a repayment profile of at least 15 years and are priced at 250 basis points over SONIA during both construction and operations.
The company said the financing, alongside equity contributions and previously announced Export Credit agreements, fully funds the three projects.
Construction is set to begin immediately with planned grid connections in 2027.
GRID has also secured Debt Service Reserve Facilities totalling £6m and short-term VAT facilities totalling £8.5m.
“These milestone transactions mark the beginning of our new pipeline growth,” said John Leggate CBE, chair of Gresham House Energy Storage Fund plc.
“Not only do they enable the construction of the first 397MW of projects, but these deals, combined with the export credit agreements, set out a template for how we can fund further growth.”
“Now that funding is obtained and construction can start in full, we look forward to seeing the benefit of these assets come through in the valuations and future earnings potential of the portfolio.”
“With funding now fully secured for these projects, we look forward to starting construction immediately,” said Ben Guest, fund manager of Gresham House Energy Storage Fund plc and managing director of Gresham House Energy Transition.
“For our transactions team, the focus now shifts to the funding of the next wave of pipeline projects, to be discussed further as part of the Capital Markets Day on 28th May.”