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Balancing the grid

Statera Energy, founded in 2016, is a UK-based energy storage and flexible generation developer and operator of flexible generation, battery storage, pumped hydro and green hydrogen projects. These assets will help the UK build renewable energy more quickly by providing the flexible capacity needed to balance the future grid whilst lowering carbon emissions and delivering value for energy users.

With £700m invested to date and up to £7bn planned by 2030, Statera is strengthening the UK’s energy security and supporting the low-carbon transition. The company has over 1GW of UK projects operational or under construction and over 16GW in development or consented. The Thurrock Flexible Generation project comprises Thurrock Storage, a 300MW (600MWh) Battery Energy Storage System (BESS), and Thurrock Power, a 450MW flexible generation project.

Thurrock Storage is on track to be energised before the end of this year, with the project scheduled to commence operation and start delivering electricity to the grid from early 2025. Once energised, Thurrock Storage will be one of the largest operational BESS sites in the UK. Works for the construction of Thurrock Power began in autumn 2024. Once operational, the project will provide sustained delivery of energy over short periods when renewable generation is either low, intermittent, or not delivering in line with forecasts.

New £251m debt facility will finance Thurrock Power

In November last year, Statera secured £144m for the delivery of its Thurrock Storage project. An additional £251m has now been secured, which will finance the construction of the 450MW flexible generation project, Thurrock Power.

In the role of Mandated Lead Arranger, NatWest, a longstanding banking partner of Statera, participated in a six-bank syndicate in a total facility of £251m.

With the new debt package in place, the Thurrock Flexible Generation financing platform now totals nearly £400m.

NatWest committed to assist the UK’s renewable energy transition

Statera’s CEO and Founder, Tom Vernon, commented: “The scale of this financing represents a significant milestone for Statera. Once operational, these will be the largest battery and flexible generation projects in the UK at 600MWh and 450MW respectively. I would like to thank our funding partners, including NatWest, as well as our optimisation partner Statkraft, for their continued support. Thurrock Power and Thurrock Storage will provide the critical grid balancing capacity required to support the UK’s transition to a renewable led energy system.”

Olivia Satturley, Director, Specialist Asset & Project Finance at NatWest, said: “NatWest is delighted to continue its support for Statera’s growth through the debt financing of the Thurrock projects, having been a long-term banking partner since inception across all their debt facilities to date. Financing assets such as Thurrock Storage and Thurrock Power remains critical for the UK in enabling greater flexibility and resilience to the UK grid, and highlights our commitment to assist the UK’s renewable energy transition.”

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