The project features a first-of-its-kind Tolling Agreement, also known as fIxed-price FPA, that will protect against market volatility and secure a stable and predictable revenue stream for Nofar Energy. The BESS site is located in Stendal, Saxony-Anhalt, Germany, and will store energy to help stabilise the local grid in the region.
NORD/LB has gained extensive BESS financing experience through funding projects in the US, UK, and France. Over the coming years the bank will utilise this experience to help finance the growing pipeline of 100 MW+ BESS projects in Germany that are key to accelerating the country’s renewable energy transition.
By 2030, Germany is expected to increase its BESS capacity to 15 GW. The Nofar Energy BESS site will play an essential role in helping the country reach this target.
“This deal marks a significant milestone for NORD/LB in Germany as we continue to deliver on our mission to finance important projects that accelerate the renewable energy transition across Europe” said Florian Hock, Senior Director at NORD/LB. “This BESS deal is our first in Germany, and we’ll utilise our comprehensive financing expertise to help develop future ones across the country that are essential to solving the solar and wind intermittency challenge. We’re delighted to work with Nofar Energy on this critically important project that will ensure more stability and storage support for the electricity grid – vital for the continued buildout of renewables.”
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