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November 27, 2023

Statera Energy Powers Forward: £300 Million Boost for UK's Renewable Future

As a response the UK Government is not merely tiptoeing but sprinting toward a net-zero economy by 2050

As the urgency to combat climate change intensifies, the UK Government's commitment to achieving a net-zero economy by 2050 takes center stage. To meet ambitious renewable energy targets and usher in a carbon-efficient era, innovative solutions are imperative. Enter Statera Energy, a UK-based leader in energy storage and flexible generation. In a recent milestone, the company secured a £300 million debt financing, a strategic move that propels its vision for a sustainable energy landscape. Let's dive into the details of this significant development that not only supports the UK's net-zero transition but also positions Statera as a key player in shaping the future of renewable energy.

Statera Energy, founded in 2015 by Tom Vernon in London, has emerged as a pivotal player in the quest for grid balancing support within a renewables-centric power system. The company's recent financial triumph includes £144 million allocated to its 300MW Thurrock Battery Energy Storage System (BESS), a venture poised to significantly enhance the UK's flexible storage capacity. The remaining funds will fuel the development of a 270MW flexible generation plant, further contributing to the nation's sustainable energy goals.

This substantial debt financing, led by Lloyds Bank alongside notable partners such as NatWest, Santander, and Siemens Financial Services, underscores the faith in Statera's potential. The move follows previous funding from Swedish Private Equity firm EQT Infrastructure and marks a pivotal phase in Statera's growth journey. With a project pipeline exceeding 16GW, a substantial portion expected to be operational by 2030, Statera is driving the UK's transition to a greener, net-zero future.

The Thurrock BESS project, located near Greater London, stands out as a beacon of progress in Statera's portfolio. Already securing consent for 900MW of energy storage and flexible generation assets at the site, the 300MW BESS project is poised to become one of the largest in both the UK and Europe upon commissioning. Statera's strategic location near Greater London enhances energy system resilience, making it a key contributor to this vital demand center.

Statera Energy's £300 million debt financing not only cements its position as a frontrunner in the UK's renewable energy landscape but also signals a profound commitment to sustainable solutions. With the Thurrock BESS project and a robust project pipeline, Statera is at the forefront of driving the UK's net-zero aspirations. This financial infusion, backed by Lloyds Bank and a syndicate of esteemed lenders, paves the way for Statera's continued contribution to reducing carbon emissions, promoting energy security, and shaping a future where renewable energy takes center stage.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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