Statera Energy, a London-based developer and operator specializing in energy storage and flexible generation, recently announced that it has obtained up to £300 million (around €346 million) in debt financing. This funding was secured through a consortium spearheaded by Lloyds Bank.
James Taylor, Lloyds Bank’s Managing Director and Head of Infrastructure and Project Finance, highlighted the significance of Statera’s technology in ensuring consistent energy supply from the UK’s renewable power sources. He noted that Statera’s innovation contributes to energy security, stability, reduced carbon emissions, and potentially lower energy costs for consumers. Taylor expressed enthusiasm for Statera’s future development plans across the UK, as well as Lloyds Bank’s commitment to supporting businesses and projects at the forefront of the UK’s renewable energy shift.
The first tranche of financing, amounting to £144 million (approximately €166 million), is allocated for the development of Statera’s Thurrock Battery Energy Storage System (BESS). This project will enhance the UK’s energy infrastructure with an additional 300MW (600MWh) of flexible storage capacity.
The remaining funds will be directed towards the development of a 270MW flexible generation plant, which earlier this year secured a capacity market contract.
The Battery Energy Storage System Initiative
Situated near Greater London, the BESS (Battery Energy Storage System) project marks the commencement of Statera Energy’s extensive development initiatives in Thurrock.
Statera Energy has successfully obtained approval for 900MW of energy storage and flexible generation assets at this location, which the UK Government recognizes as a ‘Nationally Significant Infrastructure Project’.
Upon its completion, the 300MW BESS project is set to be one of the largest of its kind in both the UK and Europe.
This development follows Statera Energy’s recent achievement in securing funding for the Thurrock BESS project from EQT Infrastructure, a Swedish Private Equity firm. With this financial backing, Statera Energy is poised to advance into its next stage of growth.
The company has ambitious plans to develop a project pipeline exceeding 16GW, aiming to bring 7.5GW of this capacity into operation by 2030.
Statera Energy: Offering Essential Support for Grid Stability
Established in 2015 by Tom Vernon, Statera Energy is a progressive energy firm engaged in developing, owning, and operating a diverse range of energy projects including flexible generation, battery storage, pumped hydro, and green hydrogen.
The company plays a vital role in accelerating the UK’s renewable energy development by providing the necessary flexible capacity to balance the future energy grid. This contributes to reducing carbon emissions and ensuring cost-effective energy solutions for consumers.
Tom Vernon, CEO and founder of Statera, commended Lloyds Bank for their substantial commitment, evidenced by one of the largest battery storage debt financing agreements in the UK. He highlighted the strategic location of their Thurrock BESS project near Greater London, enhancing energy system resilience in this critical demand area.
Vernon emphasized the importance of system flexibility through energy storage technologies as essential to achieving energy security, decarbonizing the power system, and facilitating the UK’s transition to net zero. He expressed satisfaction with the collaboration between Lloyds, the lending consortium, and Statkraft in reaching this notable achievement.