Statera Energy, a London-based energy company working in generation, battery storage, and hydro and green hydrogen projects, has secured up to £300 million in debt financing.
The financing was provided by a syndicate led by Lloyds Bank that was the participation of NatWest, Santander, and Siemens Financial Services through Siemens Bank.
A first tranche of £144 million will be used to finalise the completion of a 300MW (600MWh) Thurrock Battery Energy Storage System (BESS). The remaining funds will be used to develop a 270MW flexible generation plant which according to the company secured a capacity market contract early this year.
According to Statera, Oslo-based Statkraft provided a long-term revenue commitment, building upon an established partnership contracted for a 1GW capacity.
Once online, the 300MW BESS project will be one of the largest of its kind in the UK and Continental Europe.
Statera Energy was acquired by EQT Infrastructure from London’s Infrared Capital Partners earlier this month in a deal rumoured to be valued at £500 million.
On the £300 million transaction, Statera CEO and founder Tom Vernon shared:
“Our Thurrock BESS project is strategically located near to Greater London providing further energy system resilience to this key demand centre.
System flexibility in the form of energy storage technologies is a crucial part of achieving energy security, decarbonising our power system, and enabling the UK’s transition towards net zero.”
Lead image via Statera Energy.