International legal practice Osborne Clarke has advised Statera Energy, on Statera’s strategic 15-year partnership with Statkraft to realise 1 GW of energy storage and utility scale, flexible gas-powered generation. The partnership will contribute to a reduction in conventional, less flexible, fossil fuel generation and carbon emissions in the UK’s electricity system.
Statera is the UK’s leading developer, owner and operator of battery storage projects. As part of the partnership, Statera will provide one of the UK’s largest battery facilities to store renewable energy at times of excess production. Statera will also deliver high efficiency gas reciprocating engines to flexibly generate electricity at times of under-production or peak demand.
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. Statera, backed by global investment manager InfraRed Capital Partners, will continue to develop, build, own and operate its flexible gas generation and energy storage portfolio throughout the partnership. As new assets come online, they will be integrated into Statkraft’s virtual power plant and advanced trading platform. Statkraft will provide market optimisation, trading and risk management services to the assets.
The Osborne Clarke team who advised on the transaction was led by projects Partner Simon Hobday, together with Associate Director Deborah Harvey and Partner Andrew Normington.
Partner and International Energy & Utilities Sector Leader, James Watson, said: “This is a great partnership between two active and exciting players in the energy innovation space; a key area of focus for our sector team as we support businesses develop in a period of transformative change in the energy sector.”
Osborne Clarke has an established and well-respected position as one of the leading law firms advising on renewable energy projects and transactions. For over 20 years, it has helped clients to seize new opportunities and meet the challenges of making energy generation clean, affordable and secure. 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.