Statera Energy has successfully secured up to £300 million in debt financing, marking a significant step toward the realization of its ambitious 400MW energy storage project in Essex, England. The financing, arranged through a syndicate led by Lloyds Bank, will support the delivery of Statera's Thurrock Battery Energy Storage System (BESS), with the initial phase of £144 million earmarked for the 300MW/600MWh Thurrock BESS.
The Thurrock BESS project, situated near Greater London, represents the first stage of Statera's broader development plans for the Thurrock site, which has already received approval for a total of 900MW of energy storage and flexible generation assets. Classified as a Nationally Significant Infrastructure Project by the UK Government, the Thurrock development is poised to contribute significantly to the region's energy system resilience.
Statkraft, through a long-term revenue floor arrangement, played a pivotal role in supporting the financing, building on the strategic partnership between Statera and Statkraft, which currently boasts over 1GW of contracted capacity. Statera recently secured funding from Swedish Private Equity firm EQT Infrastructure, further propelling the company's growth phase.
Tom Vernon, CEO and founder of Statera Energy, expressed satisfaction with Lloyds' commitment, characterizing it as one of the largest battery storage debt financing deals in the UK to date. He highlighted the strategic importance of the Thurrock BESS project near Greater London, emphasizing the role of system flexibility, particularly energy storage technologies, in achieving energy security, decarbonization, and the UK's transition to net-zero emissions.
The successful financing of the Thurrock BESS project marks a significant milestone for Statera as it advances its extensive project pipeline, targeting over 16GW, with 7.5GW expected to be operational by 2030.
