Statera Secures £300M for UK's Largest Battery Storage
- Statera Energy secures £300m financing for 400MW energy storage system in Essex, England. This strategically located project is key to UK's transition to net zero and will provide energy system resilience. Financing led by Lloyds Bank and Statkraft support this project as testament to its quality.
Statera Energy has secured up to £300m of debt financing to deliver a 400MW energy storage system project in Essex, England. The first £144m phase of this financing will be used to deliver Statera’s 300MW/600 megawatt hour (MWh) Thurrock Battery Energy Storage System (BESS). The balance of the financing will fund the development of a 270MW flexible generation plant, which secured a capacity market contract earlier this year. The debt financing was arranged through a syndicate led by Lloyds Bank and Statkraft provided a long-term revenue floor to support the financing of the deal. This marks the next phase of the company’s growth, with Statera CEO and founder Tom Vernon saying that the financing is “testament to the quality of our projects”. The project also represents the UK’s transition towards net zero and is strategically located near to Greater London to provide energy system resilience.
How is Statera Energy Securing £300m to Deliver 400MW Project?
- Statera Energy secured the £300m debt financing from a syndicate led by Lloyds Bank and partially backed by Statkraft.
- The financing includes £144m to deliver the Thurrock Battery Energy Storage System (BESS) and the balance for a 270MW flexible generation plant.
- The project is the largest of its kind in the UK and will provide significant energy system resilience for Greater London.
- The project is strategically located to provide a critical link between London and the rest of the UK’s energy system.
- The project is an important part of the UK’s transition towards net zero emissions.
- Statera’s CEO and founder Tom Vernon says the financing is “testament to the quality of our projects”.
