Herbert Smith Freehills Kramer Advised Statera Energy On 680MW BESS Project In Carrington
Leading global law firm Herbert Smith Freehills Kramer has advised Statera Energy as lead borrower counsel on its 680MW
Herbert Smith Freehills Kramer advised Statera Energy on 680MW BESS Project in Carrington
Leading global law firm Herbert Smith Freehills Kramer has advised Statera Energy as lead borrower counsel on its 680MW Battery Energy Storage System (BESS) project in Carrington, near Manchester, England. The firm advised on project financing, hedging, route to market, regulatory, floor arrangements, real estate, planning and diligence aspects.
The syndicate of lenders was led by Lloyds, who also acted as sole structuring bank. The other mandated lead arrangers comprised Skandinaviska Enskilda Banken AB (publ), Mizuho, NatWest, Santander and Siemens Financial Services (through Siemens Bank).
Partner Dhananjaya Chak Said , "This is our third successful debt close working with Statera Energy since 2023 and our first mandate acting for the company as borrower counsel. This transaction underscores the trust our clients choose to place in us to deliver first-of-a-kind strategies and to navigate complex financings in response to a rapidly evolving energy storage market. We’re very proud to have supported Statera Energy, a key client of the firm in the energy transition space, in achieving financial close on Carrington on schedule and look forward to working with them on their exciting pipeline of projects."
CMS advised on negotiating the construction contracts.
The Herbert Smith Freehills Kramer team was led by Dhananjaya Chak (Finance Partner), supported by Emma Sturt (Senior Associate), and Amaryllis Tian (Associates) and Jenny Seong (Finance).
The core team included and global head of ESG/Sustainability Silke Goldberg (Partner), Chris Davis (counsel), Sam Cundall (Senior Associate), and Matt Berlansky (Associate), who advised Statera Energy on a bespoke offtake strategy with Statkraft. Sebastian Taylor (Partner), Ezra Smith (Senior Associate), and Tom Shattock (Associates), and Tom Sycamore (Associates), advised on real estate matters. Oliver Grabowski (Senior Associate), and Shannon Smyth (Associate), led on diligence aspects. Tim Healey (Partner), and Ieva Fiddes (Associates), and Ross Jenkins (Associates), advised on aspects relating to construction, and the UK and EMEA Real Estate practice Matthew White (Managing Partner), and Natasha Hyde (Senior Associate) advised on planning aspects. Nick May (Partner), and Konstantin Korennoy (Associate), advised on hedging documentation.
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