Statera Energy secures £300m of debt financing for Thurrock energy storage and flexible generation project
Summary
Statera has already secured consent for a total of 900MW of energy storage and flexible generation assets at the site, classified by the UK Government as a Nationally Significant Infrastructure Project. The 300MW BESS project will be one of the largest in the UK and Europe once commissioned.Lloyds Bank acted as the Sole Structuring Bank for the debt financing facilities and Mandated Lead Arranger and Hedge Provider in a multi-bank transaction, which included NatWest, Santander, and Siemens Financial Services through Siemens Bank.Statkraft, a leading provider of market access and optimisation services and Europes largest generator of renewable energy, provided a long-term revenue floor that supported the financing of the deal. Our Thurrock BESS project is strategically located near to Greater London providing further energy system resilience to this key demand centre. We are delighted to have worked with Lloyds, the syndicate of lenders, and Statkraft in achieving this significant milestone.Managing Director, Head of Infrastructure and Project Finance at Lloyds Bank, James Taylor, said:By storing excess energy, Stateras technology ensures the UKs increasingly renewables-led power system can deliver all day and all year round, promoting security and stability, reducing carbon emissions and, ultimately, helping to lower peoples energy bills. Were excited to see what the team achieves next and to support more businesses and infrastructure projects leading the UKs renewable energy transition.