Burges Salmon acts on major £240 million refinancing for BESS portfolio
Published by Abby Butler,
Editorial Assistant
Energy Global,
Independent UK law firm, Burges Salmon, has advised a club of lenders – comprising NORD/LB, Santander UK, Commonwealth Bank of Australia, Rabobank, and Aviva Investors – on its £240 million refinancing package for the Gresham House Energy Storage Fund plc (GRID), a 1 GW portfolio of 28 battery energy storage system (BESS) assets.
The assets are strategically located across the UK and have all entered operation. The funds will be used to undertake augmentation works on the sites to increase battery capacity and unlock new revenue streams.
GRID, the UK’s largest fund investing in utility scale BESS projects, owning and operating 20% of BESS sites across the country, has recently secured two long-term floor agreements with Statkraft Markets GmbH and Markel Bermuda Ltd, covering 50% of the portfolio’s total future revenues. These agreements will help protect against market volatility and ensure a steady revenue stream for the portfolio.
The Burges Salmon team was led by banking and finance partner, Graham Soar, with a team of specialist lawyers from across the firm’s energy and utilities and infrastructure sector groups, providing cross-disciplinary expertise on banking, route-to-market, grid, real estate, construction, and corporate matters.
Graham Soar commented: “With expertise in large scale energy finance transactions, our team has a strong track record of supporting lender consortia in unlocking funding for some of the UK’s most ambitious renewables projects. It’s been a privilege to advise the lenders on this landmark refinancing, which will boost capacity and open up new revenue opportunities for GRID’s impressive portfolio.”
Combining sector knowledge with banking and finance expertise, Burges Salmon provides tailored advice to support clients on complex transactions in the UK and internationally. The firm’s energy capabilities were recognised in Clean Energy Pipeline’s 2025 Legal League tables with Burges Salmon ranked as the second most active law firm in clean energy mergers and acquisition deals, in the top 10 Project Finance table, and fifth in this year’s inaugural ‘Influence Factor’ rankings.
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Read the article online at: https://www.energyglobal.com/energy-storage/11092025/burges-salmon-acts-on-major-240-million-refinancing-for-bess-portfolio/
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