Swedish private equity firm EQT has struck a deal to acquire Statera, a UK-based developer and operator of battery storage and flexible electricity-generation infrastructure.
Currently owned by InfraRed Capital Partners, Statera is due to be transferred into the control of EQT by the end of the year. The terms of the deal are currently undisclosed.
Statera reportedly has 1GW of flexible generation in operation and under construction.
Flagship projects include: a 300MW battery storage plant under construction in Thurrock, Essex; the 100MW Dollymans battery storage project already operational in Wickford, Essex; and the 600MW Loch Kemp pumped hydro scheme in the Highlands.
Francesco Starace, partner within the EQT infrastructure advisory team, said: “In a world increasingly reliant on intermittent renewables and striving to achieve net zero emissions, battery storage and other flexible generation solutions are imperative.
“Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal.”
Tom Vernon, founder and chief executive of Statera, added: “It is essential that flexible generation and energy storage technologies are deployed at scale to enable the vast amounts of renewables required to decarbonize power systems.
“Statera directly addresses this challenge by developing and operating projects which provide the resilience and flexibility required to balance the grid.
“InfraRed and the team at Statera have been critical components of our success to date, and I am hugely excited to embark on our next phase of growth, in partnership with EQT.
“This transaction is a significant milestone, and the scale of EQT’s financial support and global footprint means Statera is well positioned to deliver its pipeline of battery, pumped hydro and green hydrogen technologies.”
The transaction is subject to customary conditions and approvals. It is expected to close around the end of the year.
The UK government has repeatedly backed the expansion of battery storage to help meet the future energy needs of the country.
National Grid has forecast that up to 29GW of storage could be needed by 2030 and up to 51GW by 2050 – up from around 5GW today.
To meet that target, the UK Infrastructure Bank has identified investment in battery storage as a priority. Last week, the bank invested £60 million to support Pacific Green in its development of a new 249MW electricity storage park in Kent.