Energy sector firm seals 500-plus-acre land deal

An energy sector operator has expanded its estate with a multi-hundred-acre land deal.

Storelectric has bought 550 acres of Teesside industrial space.

Bosses say the “milestone” move will push forward plans for the business’ TeesCAES project, which is earmarked to use compressed air energy storage technology to support renewable power systems and grid stability.

They add the deal – which also includes about 60 acres of ex-SABIC UK petrochemical works land on the Wilton International Site, near Redcar – marks “another significant step” in Storelectric’s plans to develop long duration energy storage projects at Tees Energy Park, near Seal Sands.

The endeavour – led by Storelectric’s wholly-owned subsidiary Storelectric Teesside – was supported by law firm Womble Bond Dickinson through its real estate, energy and infrastructure, corporate, planning, construction, environmental, employment, tax and commercial departments.

Tallat Azad, Storelectric managing director, said: “Completing this acquisition is another important milestone, securing a site with the scale, infrastructure and geology to support TeesCAES and future clean energy projects.

“We are grateful to the Womble Bond Dickinson team for their outstanding support throughout the process.”

Jo Beattie-Edwards, Womble Bond Dickinson real estate partner, who led its advisory team alongside managing associate Kate Easton, added: “Long duration energy storage has a vital role to play in the UK’s transition to a more flexible, resilient and secure energy system.

“Tees Energy Park is a significant site with the scale and infrastructure to support clean energy projects over the long term.”

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