Howard Kennedy has advised on a second battery energy storage project for Atlantic Green, a joint venture between Interland (25%) and Nofar Energy (75%).
The development, a 60MWh capacity battery energy storage facility, is located near Buxton, Derbyshire, and the estimated project costs are expected to be c. £20.6m. The project is expected to yield an annual EBITDA of approximately £3.6m. It is expected to be connected to the electricity grid in 2023.
This is Atlantic Green's second UK BESS investment, following the close of the recent 300MW connection / 600MWh Cellarhead project in Staffordshire which is the UK's largest battery energy storage project.
Renewable energy generation is by its very nature variable and intermittent. Reliable energy storage is therefore a key enabler to advance the energy transition and an essential technology to help meet the UK's zero carbon targets.
Howard Kennedy advised on the acquisition of the special purpose vehicle that holds the project development rights including negotiation of an SPA, the real estate due diligence, lease negotiations, grid connection documentation and the planning requirements.
The multi-disciplinary Howard Kennedy team included Jane Brassington, Chirag Rao, Jade Chalmers, Christopher Duffy and Anthony Hunt, led by Head of Energy Jonathan Cohen.
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