Statera Energy

NatWest support Statera with new £110m flexible energy transaction

11 March 2021

NatWest has today announced the successful completion of a key financing deal with leading UK energy storage and flexible generation business Statera Energy, helping support the construction of eight new projects, further enabling the UK’s transition to a net-zero carbon environment by 2050. NatWest’s role in the transaction is as Lead Arranger, Lender, Facility Agent, Security Trustee and Hedge Counterparty.

The new projects, comprising of new flexible natural gas-power generation and battery energy storage technologies, will create 400MW of energy capacity for the UK market. This will support the continued growth of renewable energy in the UK by assisting National Grid in balancing intermittent renewable generation during times of peak demand and in moving away from older, inflexible and more carbon intensive forms of generation to a cleaner energy supply mix.

The transaction is underpinned by a 15-year power purchase agreement with Statkraft, a leading provider of market access services, who have entered into a strategic long-term partnership with Statera Energy to realise over 1 GW of energy storage and utility scale, flexible gas-powered generation to support the growth of the portfolio.

Tom Vernon, Managing Director, Statera Energy, said:

We are very pleased to have completed this financing with NatWest, which builds on our existing long-term relationship with the bank. The requirement for a smart and flexible UK electricity system will only grow as we move towards a more renewable and net-zero future. It is a testament to the teams at NatWest, and our offtake partner Statkraft, that we have been able to structure a financing that allows us to deliver on the exciting growth we have in front of us.

Andrew Blincoe, Managing Director, Large Corporates and Institutions, NatWest, said:

We are delighted to have completed this deal for Statera Energy, building on our long-standing relationship with this client. Today’s deal further grows NatWest’s commitment to growth and investment in green energy solutions, and to supporting business customers at all levels with the transition to a low carbon environment.

About NatWest Group

As a leading supporter of helping businesses transition to a low-carbon economy, NatWest Group has managed green bond issuances totalling over £22billion, for a wide range of customers in support of their climate-related activities. The bank is the industry leader for Green, Social and Sustainability bonds issued by UK Corporates, and for GBP-denominated GSS bonds across all sectors.

NatWest Group serves customers in across the UK, supporting them with their personal, private, and business banking needs. NatWest Group helps customers at all stages in their lives, from opening student accounts, to buying their first home, setting up a business, and saving for retirement.

Alongside a wide range of banking services, NatWest offers businesses specialist sector knowledge in areas such as sustainable energy, commercial property and technology, as well as access to specialist entrepreneurial support.

About Statera Energy

Statera Energy is a flexible generation and storage company powering the transition to a net-zero future. It currently operates two of the UK’s largest batteries totalling 100MW, the first of which has been operational since 2017. The company has further 300MW of highly efficient and flexible gas generation and battery storage projects either in operation or under construction. The company is actively developing a large pipeline of transmission and distribution connected projects at strategic locations in the UK and has 700MW of projects consented and ready for construction.