Statera Secures €345M for UK BESS, Power Projects

Nov 23, 2023 02:32 PM ET

• Statera Energy Limited secures GBP 300 million in debt financing to deliver the UK’s largest 300-MW/600-MWh BESS project near Greater London. Statkraft support enables the financing of over 16 GW of Statera projects, with 7.5 GW expected to be operational by 2030.

Statera Energy Limited has secured up to GBP 300 million (USD 376.1m/EUR 344.7m) of debt financing to support the delivery of a 300-MW/600-MWh battery energy storage system (BESS) in the UK. The Thurrock BESS project, expected to be one of the largest in the UK and Europe, is situated near Greater London and represents the first stage of Statera’s wider Thurrock development plans to enter construction. Furthermore, GBP 144 million will be used for the BESS, while the remainder will be used to fund the development of the first 270-MW phase of a 600-MW flexible generation plant comprising gas-fired reciprocating engines. Statkraft has provided a long-term revenue floor that supported the financing of the deal, building on the two companies’ strategic partnership of over 1 GW of contracted capacity. Statera, which recently agreed to be acquired by Swedish investment firm EQT AB, is working on a project pipeline of over 16 GW, of which 7.5 GW is expected to be operational by 2030.

What Financing Supports Statera’s Thurrock BESS Project?

• Financing for the Statera’s Thurrock BESS project is provided by a loan from the European Investment Bank (EIB).
• The loan of €43 million is guaranteed by the European Fund for Strategic Investments (EFSI), a part of the Investment Plan for Europe.
• The loan is also supported by the European Union’s Connecting Europe Facility, which provides funding for projects that improve energy efficiency and support the integration of renewable energy sources into the grid.
• Additionally, the project is receiving a £20 million grant from the UK government’s Electricity Network Innovation Competition.
• The project will also benefit from £4 million in funding from the BEIS (Department of Business, Energy and Industrial Strategy) and Ofgem’s Energy Innovation Programme.
• Finally, Statera has also secured additional funding from a variety of private investors.