Financial close for UK project with 300 MW/600MWh battery storage 

Statera Energy has secured $512 million (GBP 395 million) of debt financing for a UK storage and flexible generation project comprising a 300 MW/600 MWh battery energy storage system (BESS) co-located with a 450 MW gas-fired plant. The financing is provided through a syndicate of six global energy and infrastructure banks and brings the project to financial close.  

Located in Thurrock, near London, the Thurrock Flexible Generation project is expected to energize its BESS by the end of 2024. If the schedule is maintained, it will be the largest operational BESS site in the United Kingdom when it is commissioned. 

Statera first secured GBP 144 million of debt financing for the project in November 2023, which has supported the construction of the site’s BESS. The additional GBP 251 million will finance the construction of its 450 MW co-located fossil fuel project.  

Norwegian energy company Statkraft will provide market access for the project, which has also secured offtake agreements through capacity market auctions. In February 2023, Statera secured 150 MW of two-hour battery storage and 270 MW of gas reciprocating engines contracts at a clearing price of GBP 63/kW. In 2024, the developer secured 15-year contracts for 670 MW of capacity at auction, including 150 MW contracted for the Thurrock BESS.  

Enabling works for the construction of Thurrock’s co-located gas plant began in fall 2024. Once operational, Statera claims the plant will operate intermittently to provide energy during short periods when renewable generation is low.  

In a statement, Tom Vernon, CEO and founder, Statera, said the scale of financing represents a “significant milestone” for the developer.  

The full syndicate providing debt financing to Statera comprises Lloyds, which acted as the structuring bank for the deal, alongside Natixis, NatWest, Santander, SEB, and Siemens Financial Services through Siemens Bank. The syndicate is providing Statera with a term loan, VAT facility, and liquidity facility.  

Statera has over 1 GW of UK projects in operation or construction, with more than 61 GW in development or consented.