Eversheds Sutherland has advised Pulse Clean Energy on its £220 million finance package with a syndicate of banks including Santander, NatWest, ABN AMRO Bank N.V., NORD/LB, Investec, and CIBC.
Pulse Clean Energy has established itself as a leading developer and operator of battery storage in the UK, with a planned operational capacity of over 2GWh by 2030.
The proceeds of the facilities will be used to refinance existing debt and facilitate the construction of six new ready-to-build BESS sites, including the conversion of existing diesel sites into battery storage assets, and support the ongoing funding of nine existing projects.
The cross-practice Eversheds Sutherland team was led by Partner Peter Greenall (Energy and Infrastructure Finance), supported by Consultant Timothy Han, and Associates Jack Mitchell and Eunice Wong. The wider team, who advised throughout the transaction on corporate, real estate, planning, construction and regulatory matters, included Partner Stephen Hill and Associate Julia Gawecka (Corporate); Partner Ben Brown, Senior Associate Rory Budworth and Associate Sophie Lowe (Regulatory); Principal Associate Christine Barnsley, Senior Associate Jodie Butler, Consultant Emma Andersen (Konexo) (all Real Estate); Partner Karen Mutton (Planning); and Partners Richard Streeter, and Richard Black, Principal Associates Sacha Bacco and Claire de Joux and Senior Associate Kristen Centorame (all Construction).
Peter Greenall, Partner, Eversheds Sutherland, commented:
“We are proud to have worked on this exciting and important transaction that will propel the advancement of Pulse Clean Energy’s battery storage portfolio. The deal exemplifies our deep knowledge of the battery storage market in the UK and our ability to draw upon a wide range of practice areas to seamlessly support clients in complex renewable energy financings.”
Nicola Johnson, Chief Financial Officer of Pulse Clean Energy, commented:
“This landmark investment reflects strong global confidence in the growing UK battery storage market and in Pulse Clean Energy’s ability to deliver at scale. These six facilities will not only strengthen grid resilience but also unlock significant cost savings for consumers by allowing more renewable power onto the grid and reducing the need for expensive backup power during peak periods.
“We’re proud to be at the heart of the UK’s energy networks – delivering critical infrastructure and turning former fossil fuel sites into energy assets which will enable a better energy system. With the backing of partners who share our long-term vision, we’re accelerating toward a future where energy is not only clean, but reliable and affordable for everyone.”
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