International law firm Gowling WLG has advised Statkraft on its strategic contractual partnership with flexible grid specialist Statera Energy to develop 1GW of electricity battery storage and flexible gas generation capacity in the UK, which Statkraft will manage and optimise via its virtual power plant (VPP) platform.
The firm's market-leading Energy team advised on the 15-year arrangement, which will optimise the operation of the Statera assets in conjunction with Statkraft's renewable energy portfolio, to support the reduction in carbon emissions in the UK and lower costs to consumers.
Under the partnership, Statera will deliver flexible gas and energy storage capacity for Statkraft's growing VPP platform, which now manages around 60 assets, to store electricity at times of over-generation and deliver electricity at times of under-production or peak demand. The deal will allow Statkraft to effectively match supply with demand in seconds, and optimise and trade power on the wholesale market more efficiently.
The Gowling WLG team was led by Energy Partner Gus Wood, supported by energy-specialists Principal Associate James Stanier and Associate Kirath Bharya, and finance Partner Chris Brierley and Principal Associate Angela Rawlins.
Partner Gus Wood, said: "Having worked with Statkraft for many years in growing its renewable energy portfolio in the UK, we're delighted to have assisted them in developing this latest optimisation agreement for flexible assets. This new partnership is another landmark for Statkraft, and an exciting development for the rapidly changing energy sector."
International law firm Gowling WLG's multi-disciplinary Energy team has a first-class reputation and operates seamlessly around the globe, advising governments, regulators, project developers, funders, energy suppliers and traders and technology providers among others.