Info
Info
News Article

TLT Advises Santander On 30MW Flagship Battery Storage Project

News

TLT has advised Santander UK on its £12m financing of a flagship 30MW battery storage project, operated by Still Waters Green Technology (SWGT).

The financing, which is delivered under Santander's Environmental & Social Growth Fund structure delivers optimal leverage against both contracted and fully merchant revenue streams to maximise debt. It is the first project finance funding structure that has adopted a multi debt tranche approach to the tiered risk profile of the battery energy storage system revenue model.

SWGT acquired the right to develop the 30MW subsidy-free battery storage asset in Swindon in 2018, and subsequently completed the design and procurement required to construct the project.

The TLT team was led by banking partner Gary Roscoe, who was supported by associate Oliver Coad and trainee solicitor Alice Mete. The firm advised Santander UK on all funding aspects of the transaction.

Gary Roscoe, partner at TLT, says:

“We're delighted to have supported Santander on another battery storage project, especially given the increasingly important role energy storage will play in balancing the UK energy system.

“Santander are continuing to take an innovative approach to the traditional project finance structure, providing much-needed funding to pioneering projects that support the growth of renewable energy sources.

“We have seen a continued interest from investors in clean energy, despite the challenges faced by many sectors this year, and we expect to see increasing interest in investment opportunities of this kind throughout 2021.”

Mark Cumbo, Director, Specialised & Project Finance at Santander UK, says:

“Santander is delighted to have closed this exciting project with SWGT. This agreement further demonstrates our ability to work with ambitious teams like that of SWGT to deliver complex and innovative funding solutions for projects that trade on a predominantly merchant basis.

“We are grateful once again to the team at TLT for their deep understanding of the clean energy sector and for their expert knowledge and support with commercial battery storage projects. The team's diligent approach ensured a smooth process for everyone involved.”

TLT previously supported Santander on its multi-million pound debt funding into independent battery storage firm Zenobē Energy in 2019.

Sonnedix Named ESG Global Solar Power Generation Sector Leader By GRESB
Everoze Creates Skyray To Design And Engineer Great Solar PV Projects
Encore Energy Supports Green Homes Grant Scheme
Tandem PV Devices Feel The Heat
Habitat Enerdy Enters Balancing Mechanism With Largest Battery
SOLARWATT Links With Easy Roof To Provide Building-integrated PV For Better-looking Buildings And Smart EV Charging
FIMER Powers UK Largest Rooftop Solar Project
NextEnergy Capital Acquires Its First Asset In Portugal 17.4MWp Solar PV Project
Sunstore Solar Launches WattGrid, A New Range Of Turnkey Off-grid Power Systems
Low Carbon Develop UK’s Largest Community-owned Solar Park
Analysis Of UK Commercial Roof Space Shows Solar PV Film Can Achieve Net Zero Without Greenfield Sites
FRV And Harmony Energy To Develop Second UK Utility Scale Battery Project
Sharp Launches New 440W Half-cut Cell PV Panel
TLT Advises Santander On 30MW Flagship Battery Storage Project
Going Green In Lancashire – Hundreds Of Houses Installed With Solar Panels In Ground-breaking Project
Solar Power As Rental Offer Launched By Aggreko
Oakapple Renewable Energy Appoint Stuart Gentry To Head Business Development
New Innovation Set To Change Renewable Energy Market
TLT Advises Innova Energy On £30m Refinancing Of 57 MW Solar Portfolio
UK Green Tech Company Myenergi To Double Workforce By 2021
Ingenious Invests In Electric Vehicle Charging Firm
Power Roll Trials Solar PV To Power Up Himalayan Villages
Schneider Electric Reopens Telford Electrical Safety Training Centre
UK'S Largest Battery Ready To Balance The Grid

Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Smart Solar Magazine, the Smart Solar Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification} Array