UK’s Statera Energy bags €98.5M, plus €34.3M accordion facility, to initiate commercial operations of newest facility

London-based Statera Energy, a company that generates, transmissions, and/or distributes electric energy, announced on Monday, November 7, that it has raised £86M (approximately €98.58M), and £30M (approximately €34.39M) accordion facility, in a club funding from Santander UK and NatWest.

Statera Energy says the funds will assist its portfolio of energy projects, including a new 50 MW battery storage plant. The new facility, Minety South Storage 2, has entered commercial operations. According to a statement, it will provide enough energy to power more than 13,000 homes.

Tom Vernon, MD at Statera Energy, says, “We are delighted that Santander UK and NatWest have supported Statera Energy’s continued growth with this funding. It is essential that flexible generation and energy storage technologies are deployed at scale, in conjunction with the vast amounts of renewables required to meet the UK Government’s target of a net zero power system by 2035. The projects that will be constructed with support from this funding will provide a meaningful contribution to the stability and security of the UK’s power system of the future.

About the newest battery storage facility

Minety South Storage 2 and a Statera Energy battery storage facility, that only started doing business earlier this year, have a combined capacity of 100MW.

Statera Energy’s entire operating portfolio now stands at 350MW with the completion of Minety South Storage 2. The portfolio of energy assets supported by Santander UK and NatWest’s club finance totals 250MW, comprising 100MW of gas-fired flexible generation and 150MW of battery storage. The second 100MW battery storage project is scheduled to be finished next year.

Ioana Bozan, Director, Specialised & Project Finance at Santander UK, says, “We are pleased to provide funding to support Statera Energy in constructing these new energy facilities. Santander UK strongly supports clients, such as Statera Energy, that are helping to bring stability and reliability to the nation’s power supply and working toward the aim of decarbonising the UK’s electricity sector by 2035.”

“Securing the UK’s transition to low-carbon future”

Founded in 2015, Statera Energy develops, owns and operates flexible assets to balance a renewables-led electricity system. The company claims to be playing a key role in balancing fluctuations in the supply of renewable energy to the UK’s electricity network and providing greater energy security.

The company’s roadmap includes the transition of its flexible generation plant to hydrogen-fired operation, supporting the Government’s target of decarbonising the power sector by 2035.

In order to provide more than 1GW of energy storage and utility-scale flexible gas-powered production in the UK, Statera Energy and Statkraft, a provider of power market optimisation services, have entered into a power purchase agreement and a long-term strategic relationship.