Statera Energy has finalized a debt financing agreement of up to £300 million, earmarked for the development of a 400-megawatt energy storage project in Essex, England. The initial phase, involving £144 million, will be dedicated to the implementation of Statera’s 300-megawatt/600-megawatt-hour Thurrock Battery Energy Storage System (BESS).
The remaining funds will support the construction of a 270-megawatt flexible generation facility, which secured a capacity market contract earlier this year. Lloyds Bank led the syndicate responsible for arranging the debt financing.
The Thurrock BESS project, located near Greater London, represents the inaugural phase of Statera’s broader Thurrock development initiative, which has already received approval for a total of 900 megawatts of energy storage and flexible generation assets. This development is classified by the UK Government as a Nationally Significant Infrastructure Project.
Notably, Statkraft played a pivotal role by providing a long-term revenue floor that facilitated the financing. This successful funding marks a significant milestone for Statera, which recently received financial backing from Swedish Private Equity firm EQT Infrastructure. It signals the company’s progression into the next growth phase as it advances its project pipeline, boasting over 16 gigawatts, with an anticipated 7.5 gigawatts to be operational by 2030.
Tom Vernon, Statera’s chief executive and founder, commented “Lloyds’ commitment to Statera, through one of the largest battery storage debt financing deals in the UK to date, is testament to the quality of our projects.”
“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.”
“We are delighted to have worked with Lloyds, the syndicate of lenders, and Statkraft in achieving this significant milestone.”
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