Leading global law firm Herbert Smith Freehills Kramer has advised Statera Energy (Statera), a UK-based developer and operator of energy storage and flexible generation, in connection with an investment by Ares Infrastructure Equity funds (Ares), affiliates of leading global alternative investment manager Ares Management Corporation, which has acquired a significant minority stake in Statera’s approximately 1.9GW portfolio of UK storage and flexible generation assets.
The portfolio includes the 680MW Carrington Storage project in Greater Manchester and the 750MW Thurrock Flexible Generation project in Essex. Statera will continue to own, operate and manage the portfolio, with Ares joining as a long-term investment partner.
The transaction represents one of the largest transactions of its kind in the European flexibility market to date.
The Herbert Smith Freehills Kramer team was led by Corporate Energy partners Silke Goldberg and Sam Cundall, supported by senior associate Oli Grabowski and associates Csilla Cao and Shannon Smyth. The Finance team was led by partner Dhananjaya Chak with senior associates Emma Sturt and Isabela Castro and associates Kimia Famil Dardeshti and Jenny Seong. Partner Tim Healey, senior associate Nikolai Nesterov and associate Ieva Fiddes advised on aspects relating to construction and operations. Partner Sebastian Taylor, senior associates Ezra Smith and Natasha Hyde and associates Tom Shattock and Abbie Leakey advised on real estate and planning matters.
Partner Sam Cundall commented: “We are delighted to have supported long-standing client, Statera Energy, on this important transaction and wish the team every success as it continues its growth. This significant transaction demonstrates the strength and depth of our capabilities in advising on complex, large-scale energy transition projects.”
The firm has supported Statera on several transactions, including advising the lenders on the financing to Statera for one of the largest flexible generation projects in Europe, advising Statera on a 680MW BESS project in Carrington, and advising a syndicate of five banks on Statera’s financing of the construction of a 300MW BESS project in Thurrock.
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