The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

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


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.

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 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.

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.’ 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.

Read Next

June 19, 2024
TWAICE has partnered with NARDAC to bolster insurance coverage for battery energy storage system (BESS) asset owners, investors and lenders.
June 18, 2024
Octopus Energy’s head of flexibility discussed its tolling deal with Gresham House for nearly 1GWh of BESS projects, including how they will fit into its VPP portfolio and whether their energy market activity could change under its control.
June 18, 2024
RWE has moved forward with proposals for a 350MW battery energy storage system (BESS) to be located next to its Pembroke Power Station in Wales, UK.
June 17, 2024
A 45MW/90MWh BESS project in the Netherlands will be deployed by developer Dispatch, supplied by system integrator Fluence and optimised by utility Eneco.
June 14, 2024
Plus Power has closed financing for a 150MW/300MWh standalone battery energy storage system (BESS) project in Massachusetts, US.

Most Popular

Email Newsletter