Statera Energy has completed a debt facility re-financing with NatWest for a battery storage installation.

The 49.99MW lithium-ion battery near Bishop’s Stortford was commissioned in December 2017 after it won  a two-year contract with National Grid to provide fast frequency response services. In addition to the two-year FFR contract, the project also has a 15-year Capacity Market contract commencing in 2020/21.

“We are delighted to have successfully completed six months of operation and the facility re-financing with NatWest,” said Tom Vernon, managing director, Statera Energy. “The deal is a first in the UK as it demonstrates the bankability of battery storage”

The project was completed with support from partners, including Infrared Capital Partners; NatWest; SMA Sunbelt; National Grid, and UK Power Networks, which provided the grid connection.