Supporting Pulse Clean Energy’s £220M Portfolio Refinancing

Published: October 2025

Pulse Clean Energy is rapidly expanding its portfolio of battery energy storage projects across Great Britain. Following Everoze’s earlier support during the acquisition and initial financing phases, Pulse once again engaged Everoze – this time to provide lenders’ technical advisory services for the refinancing of its growing portfolio.

At the time of due diligence, the portfolio comprised 15 projects: 7 operational; 2 under construction and 6 in late-stage development. The portfolio includes a mix of new-build sites and conversions from existing diesel peaking plants to BESS, all scheduled to be operational by 2027.

Nicola Johnson, CFO of Pulse Clean Energy: “Thank you for everything during this process. As always, an absolute pleasure working with the Everoze team.”

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Everoze’s Role

Everoze acted as the Lenders’ Technical Advisor (LTA), delivering a comprehensive suite of technical due diligence services to support the refinancing process. Key activities included:

✅ Site Appraisals: Assessment of grid connections, land rights, and planning consents

✅ Construction Schedule Reviews: Evaluation of timelines and delivery risk

✅ Technical Design Reviews: High-level assessments of system design and key equipment

✅ Contract Reviews: Analysis of EPC, O&M, and other critical agreements

✅ Revenue & Optimisation Agreements: Review of commercial arrangements for revenue stacking and firming

✅ Financial Model Review: Scrutiny of CapEx, OpEx, and assumptions around augmentation and repowering

✅ Operational Performance Review: Analysis of historical performance data from operational sites

✅ EU Taxonomy Assessment: Evaluation of alignment with sustainability criteria

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Pulse Clean Energy secured £220m of funding from a consortium of six international banks (Santander, NatWest, ABN AMRO Bank NV, NORD/LB, Investec and CIBC), to be used to facilitate the construction of the six new sites and ongoing funding of the other projects within the portfolio.