Close Brothers Leasing provides funding for ‘gas to grid’ reserve energy project

Close Brothers Leasing’s Energy team has reached financial close on a lend worth in excess of £10m to Terra Firma Energy for a considerable 20MW ‘gas to grid’ Reserve Energy Project in Wrexham, North Wales.

This is the second project the team has funded following the now fully operational 20MW project in St Helens, Lancashire.

The Wrexham site – which is expected to go live in mid-2024 and employs Finning (Caterpillar) gas engines – will be principally used as a ‘standby’ project operating at peak times to ensure security of energy supply to the local area.

Terra Firma Energy is a privately owned UK-based company operating in the development of renewable and sustainable energy projects. They design, develop and construct carefully sourced projects with the emphasis on making them a cleaner and more respectful source of energy production for future generations.

Gareth Palmer (pictured), Head of Sales for the Energy team at Close Brothers Leasing, said: “We’re delighted to continue our support of Terra Firma Energy and look forward to this site going live next year.

“Both projects are considerable and will ensure the areas they’re located in will have consistency of supply, regardless of weather conditions.

“This particular project benefits from a 15-year National Grid Capacity Market Contract where the project is paid to be available and ready to be switched on when National Grid becomes aware there is going to be a gap between electricity demand and available supply.”

William Davies, Managing Director of Terra Firma Energy, added: “As our portfolio of gas peaking plants are developed and come online, they will play a vital role in supporting the UK’s energy mix, and our agreement with Close Brothers Leasing will be another vitally important step on the UK’s journey to net zero, which is focused on security of supply and a reduction in overall carbon emissions.”