The challenge
The rapid expansion of renewable energy generation in the UK has created a pressing need for robust and flexible grid support to manage intermittency and ensure a stable power supply. Battery Energy Storage Systems (BESS) is a key component of this solution, storing surplus energy and releasing it during peak demand periods.
Developing BESS assets involves complex structures and dedicated financial management of the Special Purpose Vehicles (SPVs) that own the assets. The challenge to IML was to provide financial stewardship across a portfolio of significant BESS projects in support of the SPVs, ensuring they met strong financial governance procedures, and were compliant with investor and regulatory requirements.
The objectives
IML’s dedicated Finance team, an integral part of our Financial Services division, was engaged to:
- Provide comprehensive finance, company secretarial and accounting services for a portfolio of operational BESS SPVs.
- Support SPVs with finance services on additional projects in development on a day-to-day basis where cashflow management and drawdown of capital development costs were required.
Our role
Our team’s responsibilities encompassed financial modelling, management reporting, statutory reporting, consolidation accounting, bookkeeping, tax management and stakeholder management. By applying rigorous financial controls and proactive oversight, IML ensured that each project’s financial health was meticulously monitored and managed from the outset. This provided investors with confidence in the operational and financial stability of these assets.
The outcome
Through the work of IML’s Finance team, the BESS projects continue to successfully transition to operational status. The portfolio now comprises assets with a combined capacity of 207MW/349MWh, supporting grid stability and renewable integration. These projects play a vital role in supporting the UK’s energy grid, contributing to decarbonisation goals, and demonstrating the critical importance of disciplined financial management in the successful delivery of energy transition infrastructure.
