Santander CIB backs Carlyle's Revera Energy with $300M development facility
What's the deal? Santander Corporate & Investment Banking (Santander CIBDealroom has a profile for this one. Try Dealroom →) has closed three financing transactions to fund the growth of CarlyleDealroom has a profile for this one. Try Dealroom →-backed Revera EnergyDealroom has a profile for this one. Try Dealroom → in the UK and Australia. The centrepiece is a US$300 million HoldCo development facility supporting Revera's portfolio of solar and battery storage projects.
What's the endgame? Revera is building out a pipeline of solar and battery storage projects across two markets. The financing combines development capital, project financing, and risk management to turn that pipeline into operating infrastructure.
The details: On the US$300 million development facility, which followed earlier financing of Windyhill, Santander CIB acted as lender, co-LC issuing bank, and hedging bank. It also served as original lender, arranger, and original hedge counterparty on the £200 million non-recourse senior debt financing for Hunterston, a battery storage project in Scotland, complemented by a deal-contingent hedge.
Why now? The Hunterston project is designed to strengthen grid resilience and support the UK's clean power ambitions. Battery storage has become central to balancing renewable-heavy grids as countries push toward decarbonisation targets.
The signal: At US$300 million, the development facility ranks among the larger debt deals tied to the UK — above roughly 92% of such rounds on record. The structure shows how banks are stacking development capital, project finance, and hedging to move clean energy pipelines into construction.
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