Watson Farley & Williams (“WFW”) advised a consortium of lenders on the £180m debt financing of a 612 MW/1.6 GWh battery energy storage system (“BESS”) portfolio for Constantine Energy Storage LLP, a partnership between Alberta Investment Management Corporation (AIMCo), Railpen, Constantine and Pelagic.
The portfolio will comprise nine BESS projects located across England and Wales and is the largest portfolio of its kind to be financed in Europe. The BESS assets are strategically located, with seven projects situated on land adjacent to key substations – making it easier for electricity to be transmitted directly into the National Grid. The assets will use 2.7-hour batteries to help maximise revenue and operational efficiency.
Constantine Energy Storage was founded in 2021 by UK-based Constantine Group to manage the construction and ownership of a portfolio of battery energy storage systems.
The WFW London Finance team that advised the lenders was led by Global Energy Head Henry Stewart supported by Senior Associate Gavin Jackson, Associates Sindana Ulaganathan and Georgina Somers and Trainees Tom O’Kane and Matthew Ward. Project development and ESG advice was provided by Projects Partner Emmanuel Ninos and Associates Emily Lamberto, Jo Strachan and Hamish Ungless. Corporate law advice was provided by Partner Andy Savage, Senior Associates Shaun Young and Florence Childs and Associate Idil Yusuf. Real estate advice was provided by Partner John Rosmini and Counsel Charlotte Williams. Associate Kristina Buckberry advised on hedging related matters.
Henry commented: “We are pleased to have advised the lenders on this project which marks a major development in the use of BESS technology in Europe and will play a key role in the energy transition. The deal highlights WFW’s expertise in renewable energy financings as well as the breadth and depth of our energy offering”.
