World’s Biggest Battery Secures Financing for UK Construction

The world’s biggest battery project secured about £750 million ($1 billion) in public and private financing, and will begin construction immediately in northern England, marking a significant step forward in the UK’s transition to renewable energy.

The 1.4-gigawatt system is being built by Edinburgh-based Fidra Energy with backing from the National Wealth Fund and institutional investor EIG, according to a joint statement released Wednesday. The Thorpe Marsh project is located in South Yorkshire, which is UK Energy Secretary Ed Miliband’s constituency, and potentially could supply more than 785,000 homes.