Energy team advises Statkraft on optimisation power purchase agreement with Statera Energy

2 minute read
15 January 2024

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The Energy team has advised Statkraft on another significant optimisation power purchase agreement (PPA) with Statera Energy's 300MW battery energy storage system (BESS) in Thurrock, Greater London.

Statkraft is Europe's largest renewable power generator and a leading provider of market access and optimisation services. Following this latest optimisation PPA, Statkraft's contracted capacity in its third-party distributed flexible generation and battery storage optimisation portfolio now exceeds 2GW in Great Britain. Gowling WLG has advised Statkraft on UK PPAs for more than a decade.

Statera recently secured up to £300 million of debt financing for its energy storage and flexible generation projects at Thurrock, with the first £144 million phase of the financing allocated to deliver the 300MW (600MWh) BESS project. The project will make a significant contribution to the UK's flexible storage capacity and will be one of the largest in the UK and Europe once operational.

The optimisation PPA includes an innovative revenue floor structure, in order to support the project's financing.

The legal team advising Statkraft was led by Gus Wood (partner), supported by George Nixon (associate).

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