EQT Infrastructure has agreed to acquire Statera, a UK-based battery storage and flexible generation infrastructure developer and operator, with the help of lawyers from Shakespeare Martineau.

Worth more than £500 million, the deal will see EQT Infrastructure invest in Statera’s ongoing development of battery storage and other flexible energy projects, which is expected to play an integral part in helping the UK reach its Net Zero targets.

Established in 2015 and headquartered in London, Statera is a prominent player in the UK’s battery storage and flexible energy generation sector including pumped hydro and green hydrogen. Currently Stratera 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.

Francesco Starace, Partner within the EQT Infrastructure Advisory Team, said: “In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal.”

Tom Vernon, Founder and CEO of Statera, added: “It is essential that flexible generation and energy storage technologies are deployed at scale to enable the vast amounts of renewables required to decarbonize power systems. Statera directly addresses this challenge by developing and operating projects which provide the resilience and flexibility required to balance the grid. InfraRed and the team at Statera have been critical components of our success to date, and I am hugely excited to embark on our next phase of growth, in partnership with EQT. This transaction is a significant milestone, and the scale of EQT’s financial support and global footprint means Statera is well positioned to deliver its pipeline of battery, pumped hydro and green hydrogen technologies.”

Acting on behalf of the flexible energy generation and storage experts, we had a challenging timescale to produce and update certificates of title on numerous sites owned by Statera as part of the negotiations. All parties worked together to ensure the deal concluded in line with expectations.

Peter Dilks, energy property partner who led the deal, said: “We’re absolutely delighted to have worked with Statera on this incredible deal, which should mean great things for the UK’s flexible energy needs. We have worked closely with Statera on their real estate and project acquisitions since the company was founded and it is a pleasure to continue to work with them on their projects. Exciting times ahead!”

The deal closed in early 2024, following customary conditions and approvals being granted.

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Peter prides himself on delivering results for clients, who value his commercial experience as much as his real estate legal expertise.

Peter heads a market leading real estate energy team focusing on innovative solutions to renewable energy and flexible energy generation.

He also specialises in commercial and residential development, with a particular emphasis on strategic projects and design and build developments.

His clients typically include developers and investors.

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Published: 7th February 2024
Area: Energy

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