- Statera Energy reaches financial close on Carrington Storage, a 680MW / 1360MWh battery project
- Once operational, Carrington Storage will deliver power to 2.2 million homes for up to 2 hours
- Construction is underway with energisation planned for late 2026 to support grid flexibility and net zero goals
5 November 2025: Statera Energy, the UK-based developer and operator of energy storage and flexible generation, has reached financial close on Carrington Storage, a landmark 680MW / 1360MWh battery energy storage system (BESS) located at the Trafford Low Carbon Energy Park in Greater Manchester.
Once energised, Carrington Storage will have the capacity to deliver instantaneous power to 2.2 million homes for up to 2 hours, supporting the UK’s transition to a renewable-led energy system. Construction began in autumn this year, with energisation targeted for late 2026.
Statera has secured £235 million of debt financing to support delivery of this project. Lloyds acted as Sole Structuring Bank, with NatWest, Santander, Siemens Financial Services through Siemens Bank, SEB and Mizuho as Mandated Lead Arrangers. The syndicate is providing a term loan, VAT facility and liquidity facility, underscoring growing institutional confidence in large-scale battery storage as a critical enabler of the energy transition.
Statkraft, a leading provider of market access and optimisation services, is providing a route to market and revenue guarantee for this project. This builds on Statera and Statkraft’s existing strategic partnership of over 1GW of contracted capacity.
The project will be delivered in close collaboration with Envision Energy, who will supply the BESS units, and contractors including Siemens, Siemens Energy, AECOM, and Hitachi Energy, among others. Local firm ACS Construction Group is undertaking the civils works, while Roger Bullivant Limited is delivering the piling and precast foundation works. At peak construction Carrington Storage is expected to support over 200 jobs, contributing to regional employment and skills development.
Once operational, Carrington Storage will significantly expand Statera’s portfolio of flexible generation and storage assets. Statera already has 2.1GW of BESS operational and in construction, including recently energised 300MW Thurrock Storage, and is intending to make three further investment decisions in the next 12 months, representing more than 1GW of additional BESS capacity.
“Reaching financial close on Carrington Storage is a major milestone for Statera as we expand our battery storage portfolio. It moves us closer to our goal of over 5GW of BESS capacity operational by 2030, strengthening grid flexibility and supporting the UK’s clean energy transition. We’re grateful to our banking partners for their support and look forward to building on this milestone as we deliver our upcoming projects.” - Tom Vernon, CEO, Statera Energy
Carrington Storage will operate alongside long-duration energy storage and other flexible technologies to store excess renewable energy until it is needed, helping to balance the peaks and troughs of renewable generation and reduce costly curtailment of renewables. This capability is critical to achieving the Government’s target to decarbonise the electricity grid by 2030.
Founded in 2015, Statera Energy is delivering the flexible infrastructure needed to unlock a renewable-led energy system. With a total pipeline of more than 16GW of flexibility and storage assets, Statera is investing up to £7 billion by 2030 to strengthen UK energy security and accelerate the low-carbon transition.
Partner quotes
Tony Hable, MD and Head of Infrastructure & Project Finance at Lloyds said: “Lloyds is proud to have supported Statera Energy, including as sole structuring bank, to deliver the Carrington Storage project, a landmark investment in the UK’s clean energy future. By enabling large-scale battery storage, we’re helping to unlock the full potential of renewables, strengthen grid resilience, and accelerate progress towards net zero. We are committed to financing innovative infrastructure, and we look forward to supporting more transformative projects that power Britain’s low-carbon transition.”
Patrick Fitzsimons, Director of Energy, Specialist Asset Finance at NatWest, added: “We are delighted to have supported Statera Energy, a leading storage IPP, as an Arranger and Lender alongside acting as Hedge Coordinator for the financing of the 680MW Carrington Battery Energy Storage System site. This transaction further demonstrates our commitment to large-scale battery storage financing which is critical to the resilience of the UK energy supply and transition”
Jonathan Corcoran, Director of Specialised and Project Finance at Santander UK, commented: “We are pleased to be supporting Statera Energy once again with its latest project in Greater Manchester. Carrington Storage is a welcome addition to Statera’s constantly expanding portfolio, as it moves ever closer to reaching its strategic goals. The business has grown from strength to strength, and we look forward to continuing working together in the future.”
Jenny Blackford, CEO of Siemens Bank at Siemens Financial Services said: “We are delighted to continue our partnership with Statera Energy by providing financing support for their latest battery energy storage project, which is vital for grid stability as the UK accelerates its transition to renewable energy. The Carrington Storage project demonstrates both Statera Energy's innovative approach to energy infrastructure and Siemens' ability to combine technology with financing solutions. We look forward to growing this partnership on our shared path to net zero.”
Tara Patel, Managing Director, Project & Infrastructure Finance at SEB said: “SEB remains committed to advancing the transition to a low carbon economy and supporting a renewable and resilient energy system. We are proud to continue our partnership with Statera Energy on another landmark project that brings this vision closer to reality.”
Dexter Maitland, Head of Power and Energy Transition, Mizuho Bank added: “Mizuho is proud to support Statera in the financing of Carrington Storage. The financing of this project underscores Mizuho’s strong commitment and strategic focus on clean energy transition and its growing expertise in energy storage solutions. We’re excited to continue supporting Statera’s upcoming projects driving the UK’s renewable energy transition.”
Brian Lonn, Statkraft’s Head of UK Flexibility said: “This is the third significant agreement between Statera and Statkraft, and represents a further evolution for the market in terms of scale and offtake structures. Statkraft has agreed a novel offtake arrangement, containing a blend of contracted revenue structures to enable financing. Our close partnership is helping enable the energy transition in Great Britain, with Statera continuing to deploy the large-scale storage needed to support de-carbonisation of the electricity grid. We look forward to building on this strong relationship in the future.”
About Statera Energy:
Statera Energy is a UK-based energy company that develops, owns, and operates flexible generation, battery storage, pumped hydro and green hydrogen projects. These assets will help the UK build more renewable energy, more quickly, by providing the flexible capacity needed to balance the future grid whilst lowering carbon emissions and delivering best value for energy users. Statera has over 2.1GW of assets delivered or under construction, and plans to deliver 8GW of flexibility assets by 2030 with a total pipeline of over 16GW. For more information visit www.stateraenergy.co.uk.
About Lloyds:
- Lloyds acted as Sole Structuring Bank, Arranger, Lender, Sole Agent, and Hedge Provider for Statera Energy’s landmark 680MW Carrington Battery Energy Storage project in Greater Manchester.
- Lloyds Corporate & Institutional Banking maintains active relationships with two-thirds of the FTSE 350, supporting clients with annual turnover in excess of £100m.
- Alongside its well-established sector focus, the team supports clients through its leading green financing capability to support more clients with their transition plans.
- Lloyds supports its clients with core banking solutions such as lending, deposits, transaction banking and risk management services. It also provides extensive expertise in capital markets, financial markets and private equity, all of which aim to meet the varying and often complex needs of its clients.
