Refinancing deal for 50MW UK battery ‘proves bankability of storage’ is here

LinkedIn
Twitter
Reddit
Facebook
Email
The 50MW Pelham battery energy storage system. Image: Statera.

Energy asset developer and owner Statera Energy has clinched a refinancing deal for its 50MW Pelham utility-scale battery storage plant in England, in a transaction which it says demonstrates both the maturity and “bankability” of the asset class.

The refinancing package has been sealed with high street bank Natwest and is one of the first for a battery storage asset in the UK.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The 49.9MW facility was commissioned in December 2017 and as such has now been operational for six months. It clinched a two-year Firm Frequency Response contract to provide services to National Grid and also has a 15-year Capacity Market contract, commencing in 2020/21.

Tom Vernon, managing director at Statera Energy, said that the refinancing package demonstrates the bankability of battery storage and praised Natwest’s “pragmatic” approach which was “essential in structure financing of this nature”.

“We believe that battery storage will play a pivotal role in facilitating the UK’s transition to low carbon generation and thanks are due to all parties involved in delivering this landmark project. It has been an immense team effort where we have benefited from the full support and cooperation of UK Power Networks and National Grid,” Vernon added.

Natwest meanwhile said it was “delighted” to play a pivotal role in facilitating this “milestone transaction”.

“Natwest is committed to becoming a more sustainable bank and supporting the UK’s ambition to become a low carbon economy is an important part of this,” the bank’s director Steve Guy added.

Read Next

Premium
July 8, 2025
ESN Premium speaks with Sahand Karimi, co-founder and CEO of Australian AI-driven energy management company OptiGrid, on the new FPP reform.
Premium
July 8, 2025
Listing via the Hong Kong Stock Exchange is emerging as a key financing pathway for China’s energy storage players, writes Carrie Xiao.
July 8, 2025
Major Australian energy generator-retailer EnergyAustralia has sold a 50% share in its 1,400MWh Wooreen battery energy storage system (BESS) to Thailand-based energy firm Banpu Public Company.
July 8, 2025
Renewable energy developer Ampyr Australia has reached financial close on its 300MW/600MWh Wellington Stage 1 BESS in New South Wales.
July 7, 2025
The Victoria government has fast-tracked a 400MWh battery energy storage system (BESS) being developed by Green Power Generation (GPG) Australia.

Most Popular

Email Newsletter