Leading international law firm Herbert Smith Freehills has advised a syndicate of five banks led by Lloyds Bank Plc on Statera Energy's financing of the construction of a 300MW Battery Energy Storage System (BESS) project in Thurrock, England. Statera Energy is a leading flexible generation and energy storage platform. Lloyds acted as Sole Structuring Bank on the financing. The bank group includes NatWest, Santander and Siemens Financial Services (through Siemens Bank) and the financing is for up to £300 million across energy storage and flexible generation.
A landmark transaction, Statera Energy's Thurrock project is one of the largest BESS projects in the UK and showcases Herbert Smith Freehills' expertise advising on energy storage financings. The role of flexible generation and energy storage is key in facilitating the energy transition and Statera Energy is a prominent player in this market.
The Herbert Smith Freehills team was led by partner Dhananjaya Chak who was supported by senior associates Charlotte Whight, Edgar Monteiro and Alex Shindler-Kelly and associates Amaryllis Tian and Eni Owolabi. Partner Sebastian Taylor, counsel Kathryn Oie, senior associate Ezra Smith and associate Tom Sycamore provided real estate advice while partner Nick May and associate Konstantin Korennoy advised on the hedging aspects. Partner Silke Goldberg and associate Jessica Matheret from the Corporate Energy team advised on diligence and corporate aspects.
Partner Dhananjaya Chak said "We are delighted to have advised a bank syndicate led by our long-standing client Lloyds Bank on this financing in the batteries and flexible generation space. It was terrific for us to be involved right from the structuring phase and we are delighted to have worked alongside Statera Energy and its partners to achieve financial close. This significant financing is the natural next step in cementing Statera Energy's position as a leading energy storage and flexible generation platform."
The Energy Transition and Infrastructure Finance team in London has worked on a series of BESS projects in the recent months including the team's work on Larks Green.
Further details on the financing can be found here.