International legal practice Osborne Clarke has advised Statera Energy on a £55m scalable facility from NatWest to finance its portfolio of battery storage and gas-fired peaking plants.
The long-term financing builds on, and is underpinned by, the 15-year framework arrangement between Statera Energy and Statkraft Markets to realise in excess of 1 GW of energy storage and utility scale, flexible gas-powered generation, and will contribute to a reduction in conventional, less flexible, fossil fuel generation and carbon emissions in the UK’s electricity system.
Statera Energy is a leading developer and operator of flexible generation and storage assets designed to support the UK’s transition to a low carbon economy.
Commenting on the transaction and on working with Osborne Clarke, Finance Director of Statera Energy, Ben Wright said: “This financing represents an important milestone for Statera in delivering our growth plans, and we were pleased to be working with Osborne Clarke to bring this transaction to a successful conclusion, and grateful for their support throughout.”
A team of Osborne Clarke project finance and energy specialists acted on the transaction, led by Partner Andy Normington, with Senior Associates Lucy Daniels and Josephine O’Dowd.
Osborne Clarke has an established and well-respected position as one of the leading law firms advising on energy projects and transactions. The combination of the team’s experience and understanding of the energy sector means they are regularly called upon to support businesses on all aspects of their commercial, regulatory, corporate, finance and construction legal needs.