Herbert Smith Freehills advises lenders on financing to Statera Energy for one of the largest flexible generation projects in Europe

Leading international law firm Herbert Smith Freehills has advised the lenders, led by Lloyds Bank Plc, on the financing for Thurrock Power, Statera Energy's 450MW flexible generation project in Thurrock, England, one of the largest flexible generation projects in Europe once constructed.

Lloyds Bank Plc also acted as structuring bank and the other mandated lead arrangers are Natixis Corporate & Investment Banking, Natwest, Santander, Siemens Financial Services (through Siemens Bank) and SEB.

This transaction represents the second stage of Statera's Flexible Generation development at its Thurrock site and takes the total debt facilities raised up to £395 million. The first stage financing for Thurrock Storage, a 300MW Battery Energy Storage System (BESS) - one of the largest BESS projects in the UK and Europe - reached financial close in November last year. The firm also acted for the lenders on the first stage BESS financing.

The Herbert Smith Freehills team was led by partner Dhananjaya Chak, supported by associate Amaryllis Tian. The wider team included partner Sebastian Taylor, senior associate Ezra Smith and associate Tom Sycamore who advised on real estate matters, partner and global head of ESG Silke Goldberg and senior associates Sam Cundall and Luisa Giannone who advised on corporate matters. Partner Matthew Bool and associate Ross Jenkins advised on aspects relating to construction and managing partner of the UK and EMEA Real Estate practice Matthew White and senior associate Natasha Hyde advised on planning aspects.

Partner Dhananjaya Chak commented, "We are very proud to have continued to advise the lenders to Statera Energy on another stage of this significant flexible generation development at Thurrock in England. The deal demonstrates our cross-practice expertise and ability to advise as a "one stop shop" on complex, landmark transactions. Statera Energy has emerged as a true powerhouse in energy storage and flexible generation and this latest transaction confirms that the financing market’s appetite for well-structured energy transition projects remains as strong as ever."

The firm has worked on a number of BESS and flexible generation projects – further to advising on the Statera Energy's Thurrock BESS project, the team advised on the Larks Green BESS project, the Swangate BESS project and on another recent financing of a portfolio of flexible generation projects in the UK.