EQT to Buy Battery Storage Firm for $615M
Global investment firm EQT Partners, through its EQT Infrastructure VI fund, has agreed to acquire Statera Energy Limited, a UK-based battery storage and flexible generation infrastructure developer and operator, from infrastructure investment manager InfraRed Capital Partners.
Financial terms of the deal were not disclosed; however, the business is reportedly valued at over GBP 500 million ($ 615.1 million), according to Bloomberg.
Statera has 1 GW of flexible generation in operation and under construction, a capacity enough to power around 750,000 homes. The company’s project pipeline tops 16 GW, with 7.5 GW of flexibility assets planned to be deployed by 2030.
EQT Infrastructure will support the Statera management team and platform by providing access to growth capital to accelerate the deployment of flexible generation across the UK.
“In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative,” said Francesco Starace, partner within the EQT Infrastructure advisory team.
Once the transaction is closed, EQT Infrastructure VI fund is expected to be 20% to 25% invested based on the target fund size.