Statera Energy says it has brought debt financing for its Thurrock project, which comprises a 300MW/600MWh battery and a 450MW gas-fired power station (Thurrock Power) to £395 million.
Statera secured £144 million of debt financing in November 2023, which has supported the delivery of the battery. An additional £251 million has now been secured, which will finance construction of Thurrock Power. The additional funds take the total debt platform for the project to £395 million.
Lloyds acted as the Structuring Bank for the debt financing alongside Mandated Lead Arrangers Natixis, NatWest, Santander, SEB, and Siemens Financial Services through Siemens Bank. Statkraft will provide a route to market for the project.
The battery is said to be on track to be energised before the end of the year, when it will be the largest operational battery in the UK.
Statera has over 1GW of UK projects operational or in construction, and over 16GW in development or consented.