The £395 million finance package for the Thurrock project was provided by a syndicate of six major banks. 

Energy storage developer Statera Energy has announced that it has secured a total of £395 million in finance for a major battery energy storage system (BESS) and generation project.

The Thurrock Flexible Generation project, which is made up of a 300MW/600MWh BESS and a 450MW flexible generation development, has now reached financial close through debt facilities provided by a syndicate of six energy and infrastructure finance banks. The banks involved include well-known names, including Lloyds Bank, Natixis, NatWest, Santander, SEB, and Siemens Financial Services through Siemens Bank.

Statera Energy landed a £144 million debt financing deal in November 2023 and has now secured an additional £251 million, bringing the total debt facility to £395 million. The syndicate’s financing takes the form of a term loan, a VAT facility, and a liquidity facility.

Construction and development work on the project is already well underway, with the storage portion of the project set to be energised before the end of this year. Once complete and energised, Thurrock Storage will be the largest operational BESS in the UK; according to Statera, it has three times the capacity of the next-largest operational BESS in the country. Early construction works for the flexible generation portion of the project began earlier in the autumn; an expected connection date has not yet been revealed.