Gowling WLG's Energy team has advised UK energy storage developer, owner and operator Eelpower on securing a multi-asset agreement with Swiss sustainable energy infrastructure fund manager SUSI Partners.
The joint venture will see Eelpower and SUSI construct and operate a pipeline of new build battery storage assets, which will make a significant contribution to meeting the UK's demand for energy storage. Construction of a new 50MW battery storage project will begin in February 2021 at Dunsinane, near Dundee, Scotland.
As part of the deal, SUSI also purchased 40MW of Eelpower's existing electricity storage assets, which along with the new assets, will continue to be managed by Eelpower.
Co-head of Gowling WLG's energy sector, Gareth Baker, led the transaction, working with Roisin Bergin, Ben Parker and Stephen Bowman (corporate energy), Helen Emmerson (real estate), Richard Crawley (finance), Tom Rank (tax), Gus Wood and James Stanier (commercial energy & regulatory).
Eelpower CEO, Mark Simon, said: "This deal comes at a pivotal moment in the development of the UK electricity system and will contribute to the country's commitment to increased sustainable energy sources, while also supporting up to 220,000 jobs, delivering lower bills for consumers and establishing the UK as a low-cost green electricity exporter, in the transition to "net zero".
"We were delighted with the first-class support we received from the Gowling WLG team in helping to drive this project forward to a successful closing."
Gareth Baker said: "As a greater proportion of intermittent generation connects to the transmission and distribution systems, energy storage will have an increasingly important role to bring resilience to the grid. This project is a significant step in that direction and we're proud to have supported the Eelpower team with this transaction."
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 GVO Capital on the disposal of its stake in 14 operating hydroelectric power stations managed by Longspur Capital (Longspur) to an infrastructure fund.
In the last few months, it has also advised Longspur on its disposal of two operating onshore wind farms to Octopus Energy, on Downing Renewables & Infrastructure Trust's £122 million IPO, and St Modwen on its solar park sale to Innova Energy.