Statera powered by £395 million financing deal

A major energy project has secured £395 million in debt financing, further advancing the UK’s transition to a renewable-led energy system.

Statera Energy, a UK-based energy storage and flexible generation developer and operator, has closed on financing to support its Thurrock Flexible Generation project, which includes the 300MW Thurrock Storage battery energy system and the 450MW Thurrock Power flexible generation project.

The financing, led by Lloyds with support from global banks including NatWest, Santander, and Siemens Financial Services, consists of a term loan, VAT facility, and liquidity facility. Statkraft, Europe’s largest generator of renewable energy, will provide a route to market for the project, reinforcing its strategic partnership with Statera.

James Taylor, managing director, global head of infrastructure and project finance at Lloyds, said: “As the UK moves towards its 2050 net-zero target, flexible generation solutions are essential for maintaining a safe and stable electricity supply for households and businesses.

“We’re proud to support Statera with the financing across both stages of this project, enabling the business to grow while it continues developing technologies that will underpin the country’s sustainable energy transition.”

Thurrock Storage is scheduled to be operational by late 2024, set to become the UK’s largest battery energy storage site, with Thurrock Power coming online by 2025.

Statera’s CEO and Founder, Tom Vernon, added: “The scale of this financing represents a significant milestone for Statera.

“Once operational these will be the largest battery and flexible generation projects in the UK, at 600MWh and 450MW respectively.

“Thurrock Power and Thurrock Storage will provide the critical grid balancing capacity required to support the UK’s transition to a renewable led energy system.”

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