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The firm has advised a syndicate of lenders on the project financing of three UK battery energy storage system (BESS) projects for Gresham House Energy Storage Fund, with a combined capacity of 397 MW / 794 MWh.
The financing supports the construction of the Cockenzie (240 MW / 480 MWh), Monet’s Garden (57 MW / 114 MWh), and Elland 2 (100 MW / 200 MWh) projects, with grid connections planned for 2027. The transactions involve a series of project finance facilities across the three assets, with £141 million of senior debt provided by a syndicate of lenders comprising Santander, Nord, Novuna and Rabobank.
Our team was led by Banking and finance partner Graham Soar, with 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.
“We are delighted to have worked with the lender club and Gresham House on these BESS project financings, building on the Gresham House BESS portfolio financing which we completed in 2025.”
Graham Soar, Partner
These financings highlight the continued evolution of the UK battery storage market, with lenders increasingly comfortable supporting large-scale BESS projects through structured, long-term debt solutions. As pipelines expand and projects move into construction, this type of financing model is becoming critical in unlocking capital at scale – offering a clear route to delivery for developers, sponsors and funders looking to progress energy transition assets from pipeline to operation.
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