Statera Energy has signed £235 million ( US$309.02 million ) of debt financing to develop a 680-megawatt battery energy storage system ( BESS ) project in Manchester, England.

The lenders are Lloyds, NatWest, Mizuho, Santander, SEB, and Siemens Financial Services via Siemens Bank. They were represented by Watson Farley & Williams ( WFW ).

Due for completion in 2026, the project is Statera’s largest consented BESS project to date and, once energized, will be one of the largest of its kind in Europe. Once completed, the project will be optimized by Statkraft Markets.

Statera, part of EQT Group, is a builder, owner, and operator of grid-scale energy storage and flexible generation technology. Founded in 2015, it has a portfolio of 2.1 gigawatts of projects, either in operation or under construction, across the United Kingdom.

“We’re proud to have once again advised on a major UK BESS project deal that will help the UK meet its 2030 target to decarbonize its electricity grid,” says Jennifer Charles, projects partner at WFW in London.