A pivotal £70 million finance agreement has been brokered to propel a major UK energy storage initiative.
- Three lenders — Santander UK, Triple Point, and Rabobank — have come together to fund a 100MW battery storage plant.
- Independent law firm Burges Salmon played a crucial role in orchestrating the financial structure of this project.
- The energy storage facility in North Yorkshire is anticipated to be operational by mid-2024.
- This development marks a significant step in supporting the UK’s transition to sustainable energy.
The £70 million finance arrangement is a substantial investment that aims to bolster the energy infrastructure within the United Kingdom, specifically focusing on sustainable initiatives. The initiative is led by a consortium of three lenders: Santander UK, Triple Point, and Rabobank. These financial institutions have pooled resources to support the creation and operation of a 100MW battery energy storage facility.
This facility, situated in Selby, North Yorkshire, is owned by the global clean energy company, TagEnergy. The project, which broke ground in August 2023, represents a keystone in the UK’s strategy to enhance its renewable energy capabilities and ensure more efficient energy storage.
Integral to this process was the involvement of Burges Salmon, a leading independent UK law firm. The firm was instrumental in crafting and executing the complex financial architecture required for the project’s advancement. Their expertise spanned various disciplines including banking, real estate, construction, and planning.
Under the leadership of Banking partner Graham Soar and Projects partner Alec Whiter, with support from senior associate Alison Logan and associate Samir Younes, Burges Salmon delivered comprehensive advice. Their team’s input was crucial in navigating the multifaceted legal and financial landscapes intrinsic to such large-scale energy projects.
Graham Soar emphasised the firm’s longstanding involvement in energy storage projects, highlighting the depth of their expertise: ‘We have been advising on energy storage technologies and projects for well over a decade and we understand the crucial role they play in the UK’s energy transition.’ His statement underscores the firm’s pivotal role and depth of experience in this sector.
Further acknowledging the firm’s role, the lenders collectively praised Burges Salmon for their profound understanding and capability to manage complex transactions within the energy storage realm. The lenders expressed appreciation for the practical solutions provided by the firm that streamlined the intricate transaction processes.
The collaboration between Burges Salmon and the three lenders exemplifies a robust approach to advancing renewable energy infrastructure in the UK.
