Gowling WLG advises Eelpower on £100M JV with NextEnergy Solar Power

4 minute read
21 September 2021

Gowling WLG's Energy team has advised leading UK energy storage company and valued client Eelpower on a £100 million joint venture partnership with specialist solar power renewable energy listed fund NextEnergy Solar Fund (NESF).

This partnership has recently signed its first acquisition of a 50MW standalone utility scale battery energy storage project in Fife, Scotland, as part of its wider target of 250MW of storage assets.

The 50MW storage project is a ready-to-build, standalone battery that will provide additional stability to the grid, and it is expected to be energised and grid-connected in 2022. Once operational, the project offers the joint venture with multiple revenue opportunities including energy trading, the Capacity Market, local flexibility and Ancillary Services.

Eelpower, which has been active in the UK storage market since 2015, will manage construction and provide ongoing asset management services for the Fife project and will source further storage projects for the joint venture to acquire.

Mark Simon, CEO and co-founder of Eelpower, said: "Eelpower was founded to make the transition to renewable energy sustainable, through the creation of a platform of grid-scale electricity storage assets. Since 2015, the Eelpower team has defined and developed this sector and we are delighted to partner with NextEnergy Solar Fund at the forefront of the UK storage market.

"The Gowling WLG team's support was once again invaluable in helping to drive this project with NESF forward to a successful closing."

Partner and co-head of Gowling WLG's Energy team, Gareth Baker, led the deal, working with Róisín Bergin, Stephen Bowman, Ryan West and Maya Thompson (corporate-energy) James Stanier, Ellie Wood and Gus Wood (energy regulatory), Jonathan Brufal and Robert Currall (projects and construction), Hannah Swindle (employment), Claire van Ristell (commercial, IT and outsourcing), Helen Hibbert, Tom Rank and Samantha Holland (insurance).

Commenting on the deal, Gareth Baker said: "The energy storage market has been very active throughout the Summer and with wholesale power prices spiking, storage is definitely part of the solution. We're delighted to have once again supported Eelpower on this significant partnership as it continues to accelerate the UK's energy transition."

Gowling WLG's multi-disciplinary Energy team has a market-leading reputation and operates seamlessly around the globe. The deal is another example of the team's position in the energy sector and follows a series of recent mandates, including advising Nova Innovation Limited on a £6.4 million investment from the Scottish National Investment Bank to fund the manufacturing and distribution of its subsea tidal turbines.

The team has also advised HydrogenOne Capital Growth plc on its £107.35 million fundraise, Pioneer Point Partners on its investment into a biogas platform and Eelpower on its joint venture with sustainable energy infrastructure fund manager SUSI Partners.

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