Burges Salmon advises on financing for Atlantic Green’s BESS
Published by Jessica Casey,
Editor
Energy Global,
Independent UK law firm, Burges Salmon, has announced the successful closing of a £152 million financing for Atlantic Green’s Cellarhead battery energy storage system (BESS) project. This landmark project, with a capacity of 624 MWh – one of the largest UK BESS projects being developed – is strategically located approximately five miles northeast of Stoke-on-Trent and will be connected to National Grid’s 400 kV Cellarhead substation. The addition of this storage capacity will significantly support the reliability of the UK’s electricity grid and the transition towards clean energy.
The financing was provided by a consortium of lenders including Goldman Sachs, Santander, Bank Hapoalim, and Bank Leumi, with Goldman Sachs acting as the sole structuring bank, mandated lead arranger, and lender. This international consortium’s support underscores the global confidence in Atlantic Green’s mission to advance the UK’s clean energy transition. With a mission to develop approximately 2 GW capacity of battery energy storage to fuel the UK’s clean energy transition, the Cellarhead BESS represents a key milestone for both Atlantic Green’s development journey and wider sustainability objectives.
Victoria Allsopp, a Partner in Burges Salmon’s Banking and Finance team, commented: “We are pleased to have worked with the Atlantic Green team again, having supported them on the development and construction financing of their Buxton project which was energised earlier this year. We are proud to have advised across the full suite of project documentation which underpin the financing for the Cellarhead BESS project. This project is a significant step towards enhancing the UK’s energy infrastructure and achieving the government’s ambitious clean power targets by 2030. The successful closing of this financing reflects the strong collaboration and commitment of all parties involved.”
Oleg Vorobeichik, CEO of Atlantic Green, stated: “The Cellarhead project exemplifies Atlantic Green’s dedication to enabling a sustainable energy future in the UK. This financing is a testament to the confidence our financial partners have in our mission to build an energy system that not only meets demand but also drives the transition to renewables. We are proud to play a role in securing the UK’s grid reliability and supporting its clean energy goals.”
Rob Kesterton, Investment Director from Atlantic Green, concluded: “We thank the Burges Salmon team for their excellent legal advice in helping us make this happen. Working with the various teams across Burges Salmon has been a positive experience and their joined-up approach in each specialist area have been instrumental in achieving this milestone.”
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Read the article online at: https://www.energyglobal.com/energy-storage/19112024/burges-salmon-advises-on-financing-for-atlantic-greens-bess/
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