We have advised a club of lenders – comprising NORD/LB, Santander UK, Commonwealth Bank of Australia, Rabobank and Aviva Investors – on its £240 million refinancing package for the Gresham House Energy Storage Fund plc (GRID), a 1GW portfolio of 28 battery energy storage system (BESS) assets.
The assets are strategically located across the UK and all have entered operation. The funds will be used to undertake augmentation works on the sites to increase battery capacity and unlock new revenue streams.
GRID, the UK’s largest fund investing in utility-scale BESS projects, owning and operating 20% of BESS sites across the country, has recently secured two long-term floor agreements with Statkraft Markets GmbH and Markel Bermuda Limited, covering 50% of the portfolio’s total future revenues. These agreements will help protect against market volatility and ensure a steady revenue stream for the portfolio.
The Burges Salmon team was led by Banking and finance partner Graham Soar, with a team of specialist lawyers from across our Energy and utilities and Infrastructure sector groups providing cross-disciplinary expertise on banking, route to market, grid, real estate, construction and corporate matters.
