DLA Piper has advised Société Générale S.A. as mandated lead arranger and lender on the financing of a 50 MW/100 MWh battery energy storage system (BESS) project. Owned and developed by Nala Renewables, the project is one of the largest of its kind in Finland, and will be supported by Sungrow, as the suppliers of the batteries. Trafigura, a market leader in the global commodities industry, will utilise the BESS capacity for its European trading activities.
The cross-border DLA Piper team was led by projects Partner, Nikhil Markanday, part of the firm's finance practice in London. He was supported by members of the finance (projects) team including Partners, Rubayet Choudhury (London) and Antti Niemi (Helsinki), Legal Directors, Jacques Camilleri (Edinburgh) and Jennifer Jin (London), Senior Associate, Charlotte Eliades (London), and Associates Panu Punkari (Helsikni) and Julio Zhou (London).
Markanday said: “The financing of this landmark project in Finland is testament to the efforts of Nala Renewables. The project will significantly increase the delivery of clean energy across Finland. The transaction is another great example of how our cross-border team is supporting global clients to simplify complex, and strategic, investments and in meeting their clean energy objectives through innovative solutions.”
Mike O’Neill, CEO of Nala Renewables, added: “We are delighted to be breaking ground on Nala’s first project in Finland, which we see as a strategically important market for BESS in Europe. We are especially pleased to involve Trafigura’s energy trading business in the project, supporting a more resilient and flexible grid in Finland.”
“This project is using market leading technology to accelerate the transition to clean energy in Finland – contributing to reserve markets and featuring grid-forming capabilities that enhance overall network stability.”
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