Our Energy team has advised Statkraft on a series of optimisation PPAs with Gresham House Energy Storage Fund plc (GRID), covering a portfolio of 412MW of GRID’s existing BESS assets.

Statkraft has agreed to provide a minimum income guarantee across these assets, which will support GRID in augmenting and refinancing them. As one of Europe's largest third-party renewable power traders, Statkraft will leverage its expertise in asset optimisation and algorithmic trading to optimise this portfolio across all relevant energy and ancillary markets.

The GRID portfolio comprises of the following thirteen BESS assets: Nevendon (15MW), Cleator (10MW), Arbroath (35MW), Bloxwich (41MW), Byers Brae (30MW), Coupar Angus (40MW), Grendon (50MW), Red Scar (49MW), Roundponds (20MW), Rufford (7MW), Stairfoot (40MW), Tynemouth (25MW) and Wickham (50MW). As part of the agreement, Statkraft will convert existing optimisation PPAs to incorporate them into the floor portfolio, so they benefit from the minimum income.

Batteries enable energy from renewable sources to be stored during times of low demand and dispatched at times of peak electricity demand, meaning greater energy security for consumers and business, and more stable energy bills. As a result of this agreement, Statkraft now has an optimisation portfolio in Great Britain which is in excess of 3GW.

Gowling WLG has advised Statkraft on UK PPAs (and similar agreements) for more than a decade. The legal team advising Statkraft was led by Partner Gus Wood and supported by Senior Associate George Nixon.

Gowling WLG's Energy team has a market-leading reputation and operates seamlessly around the globe. Positioned at the forefront of the renewables and energy storage sectors, the team has recently advised clients on a number of significant battery storage related transactions.