Clifford Chance advises lenders on the financing of a portfolio of UK BESS assets owned by Masdar

Global law firm Clifford Chance has advised the lenders on all aspects of the financing of Abu Dhabi Future Energy Company PJSC – Masdar, on reaching financial close for £97 million debt to support the financing of a portfolio of operational and development BESS projects in the UK, with a combined capacity of 205MW/540MWh. These projects include the Royle Barn Road plant in Rochdale, Welkin Road plant in Stockport, Calow Green plant in Chesterfield and the Ipswich Road plant in Cardiff.

This financing underscores the continued evolution of the increasingly mature UK BESS market, highlighting commercial lender appetite for BESS projects supported by revenue stacks that include a substantial proportion of merchant revenues.

The multidisciplinary Clifford Chance team was led by energy and infrastructure partner, and Masdar relationship lead, Praveen Jagadish. The core transaction team also comprised senior associates Josephine Stefani and Joseph Woodworth, counsel Julian Brun and associate Sailesh Shah.

The wider Clifford Chance team included regulatory advice from partner Nigel Howorth and associate Leyla Manthorpe Rizatepe, real estate advice from partner Alis Pay and senior associate Angela Shepherd, hedging advice from partner Anne Drakeford and senior associate Konstantin Korennoy, tax advice from partner Jemma Dick, senior associate Simon Corzberg and associate Marco Montanaro, corporate advice from partner Craig Grant and associates Ross Nixon and Augusta Thorneycroft and construction advice from partner Sandy Hall and associate Harriet O’Hare.

Press contact: Emma Cessford