A cross-firm team at Gowling WLG has advised Simpson Thacher & Bartlett in connection with EQT Infrastructure's agreement to acquire Statera Energy Limited from InfraRed Capital Partners Limited.
Established in 2015 and headquartered in London, Statera is a prominent player in the UK's battery storage and flexible energy generation sector, with a robust development track record. In addition to being an early entrant in the battery space, it recognised the importance of other key flexible technologies, namely pumped hydro and green hydrogen production, which are expected to aid the UK's transition to a predominantly intermittent renewable energy supply.
Statera has 1GW of flexible generation in operation and under construction, enough to power around 750,000 homes, and a total project pipeline of over 16GW, with plans to deliver 7.5GW of flexibility assets by 2030. EQT Infrastructure will support the Statera management team and platform by providing access to growth capital to accelerate the deployment of flexible generation across the UK.
The team was led by partner Rachel Kerr, with support from principal associate Paul Lloyd and associate Carys Bains (CDI); partner James Stanier and associate Emma Kensett (energy); partner Paul Green and principal associate Ashley Yarwood (construction); partner Luke Kempton and associate Lucy Singer (IP); senior associate Pooja Gabbani (pensions); principal associate Rebecca Jones and trainee Philip Borisov (employment); senior associate Emma Cartledge-Taylor and principal associate Cairo Nickolls (planning); partners Alexi Markham and Jocelyn Paulley, and senior paralegal Alex Wallis (commercial IT & outsourcing).
Rachel Kerr commented: "As the transition towards net zero and renewable energy sources continues, technologies such as those provided by Statera Energy will play an ever greater role and we are proud to have assisted in this transaction. We look forward to seeing how the business develops over the coming years and the progress in the UK's flexible energy infrastructure."
The transaction is subject to customary conditions and approvals. It is expected to close around the end of 2023.