Energy team advises Habitat Energy on optimisation agreement with TagEnergy

2 minutes de lecture
27 octobre 2023

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Our Energy team has advised Habitat Energy on its optimisation agreement with TagEnergy, which will see Habitat Energy optimise TagEnergy's 100MW/200MWh battery energy storage system (BESS) at the Lakeside facility in North Yorkshire, England.

TagEnergy secured a landmark debt package to finance the project under an innovative financing model. The non-recourse debt package of up to £70 million provided by lenders Santander, Rabobank, and Triple Point on a fully merchant basis (except for Capacity Market revenues) will finance the construction and operation of the Lakeside project, and includes an uncommitted accordion facility with a view to incorporate further assets into the funding structure.

Construction commenced on the Lakeside project in August 2023 with the energy park due to go live by mid-2024. TagEnergy acquired its 100 per cent stake in the battery storage facility – then its fifth investment in the UK – from RES in December 2021.

The legal team advising Habitat Energy was led by partner Gus Wood, supported by 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, including providing advice to Habitat Energy on a framework agreement with Gresham House Energy Storage Fund plc (GRID), to extend their battery optimisation partnership to more than 500MW. The team also advised a syndicate of five commercial banks on the financing for the construction of two greenfield battery storage projects being developed by Zenobe, as well as Pacific Green on an agreement to sell its 99MW Richborough Energy Park Battery Development for £74 million.

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