Statera secures ‘one of largest UK BESS debt deals to-date’ for Thurrock after EQT acquisition

LinkedIn
Twitter
Reddit
Facebook
Email

UK battery storage and flexible generation developer-operator Statera Energy has secured a £300 million (US$375 million) financing package for its Thurrock project, its first news since being bought by investor EQT.

The Thurrock project combines a 300MW/600MWh battery energy storage system (BESS) and a 270MW ‘flexible generation plant’, i.e. a gas-fired power plant. The latter won a long-term contract in the UK’s capacity market auction held earlier this year.

The first £144 million of the financing will go towards the BESS system while the rest will fund the gas plant. Statera has planning consent for 900MW of energy storage and generation at the site, pictured above, and the overall project is classed as an NSIP (Nationally Significant Infrastructure Project).

Statera has not revealed when it expects any phase of the project to go online but implied the BESS will be the first to start construction.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

Not ready to commit yet?
  • 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

Lloyds Bank was the sole structuring bank for the debt facilities with participation from NatWest, Santander, and Siemens Financial Services through Siemens Bank.

It is Statera’s first major announcement since being acquired by global investor EQT earlier this month.

Financing costs have risen substantially in the past year as interest rates have gone up, with the effects felt strongly in the highly capital-intensive renewable energy development sector. Being part of a larger financial institution like EQT is likely to make securing debt packages for BESS easier, as will combining the package with a long-term revenue guarantee like the capacity market.

Statera’s CEO and founder, Tom Vernon said: “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.”

The period of increasing financing costs, as well as falling revenues in the UK, has seen several big BESS developer-operators change hands, including Banks Renewables, Zenobē and Gresham House.

Five years ago Statera secured a refinancing for a 50MW BESS in the UK which participating bank Natwest called a “milestone transaction” and CEO Tom Vernon said demonstrated the bankability of the asset class.

Energy-Storage.news’ publisher Solar Media will host the 9th annual Energy Storage Summit EU in London, 21-22 February 2024. This year it is moving to a larger venue, bringing together Europe’s leading investors, policymakers, developers, utilities, energy buyers and service providers all in one place. Visit the official site for more info.

11 November 2025
San Diego, USA
The 2024 Summit included innovative new features including a ‘Crash Course in Battery Asset Management’, Ask-Me-Anything formats and debate-style sessions. You can expect to meet and network with all the key industry players again in 2025 from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

Read Next

September 5, 2025
South Korean company SK On has entered the US BESS market with LFP batteries, securing a supply contract with Flatiron Energy Development.
September 4, 2025
In a double-hit of Texas news, Ormat is commencing operations at its Lower Rio facility, Engie is partnering with Prometheus Hyperscale to power data centres.
September 4, 2025
Australia’s Clean Energy Finance Corporation (CEFC) has announced its largest-ever investment commitment, with AU$3.8 billion (US$2.5 billion) allocated to support the Marinus Link interconnector connecting the states of Tasmania and Victoria.
September 4, 2025
Australian battery storage developer Akaysha Energy has secured an AU$300 million (US$196 million) corporate debt facility to accelerate its growing portfolio of utility-scale battery energy storage system (BESS) projects across Australia and global markets.
September 3, 2025
During the morning of 30 August 2025, the California Department of Forestry and Fire Protection (CAL FIRE) responded to a possible vegetation fire in the area of independent power producer (IPP) Arevon Energy’s California Flats solar-plus-storage project.

Most Popular

Email Newsletter