EQT Infrastructure (EQT) announced early this week that it is set to acquire Statera Energy, a UK-based developer and operator of battery storage and flexible generation infrastructure, from InfraRed Capital Partners (Infrared).
Statera boasts a portfolio with 1 gigawatt (GW) of flexible generation capacity in various stages of operation and construction, capable of powering approximately 750,000 homes.
This acquisition marks the second complete divestment from Infrared’s Infrastructure Fund V, which focuses on opportunities across utilities, energy, infrastructure, rail, road, transportation, marine, energy services, and other transportation sectors.
Statera Energy - Transaction Summary
Transaction / Asset Name | Statera Energy UK Acquisition |
Asset Details | Statera Energy is a UK-based developer and operator of battery storage and flexible generation infrastructure with a portfolio of 1 GW in various stages of operation and construction, capable of powering around 750,000 homes. |
Transaction Value | Not Disclosed |
Buyer | EQT Infrastructure (through EQT Infrastructure VI fund) |
Transaction Advisor’s – Buyer’s side | – Financial Advisor: DC Advisory – Legal Advisor: Simpson Thacher & Bartlett LLP |
Seller | InfraRed Capital Partners |
Transaction Advisor’s –Seller’s side | – Financial Advisor: Macquarie Capital – Legal Advisor: CMS |
Construction Front Comments and Takeaways:
- Even though the transaction market has been slowing down with the increase in interest rates around the globe, infrastructure investors still have a strong appetite for renewable assets with interesting transactions occurring in the UK, such as the investment of DIF in the British Battery Developer Field Energy.
Statera Energy - Asset Details and background
Founded in 2015 and based in London, Statera is a significant player in the UK’s energy storage and flexible generation landscape. The company specializes in developing, constructing, owning, and operating large-scale, grid-connected energy storage facilities and flexible generation assets.
The company now has 1GW of operational or in construction assets and a development pipeline of over 16GW across a diversified range of energy storage technologies including battery storage, pumped storage hydro and green hydrogen.
Statera focuses on balancing the grid efficiently, ensuring optimal value for energy users, and contributing to the UK’s transition to a low-carbon future.
Beyond its batteries (shown below), Statera has also recognized the importance of other critical flexible technologies like pumped hydro and green hydrogen production, strategically positioning itself in the evolving landscape of renewable energy.
Statera Energy - Transaction Details between Infrared and EQT Infrastructure
According to EQT, the completion of the transaction is contingent on customary conditions and approvals, but the anticipated timeline for the closing it is around the end of 2023. The acquisition values were not disclosed by the parties.
The paragraphs below further details both sides of the deal.
EQT Infrastructure Fund IV – Statera’s Buyer
EQT Infrastructure’s acquisition of Statera will be made through its EQT Infrastructure VI fund (EQT VI), which targets investments in the range of EUR 100 million to EUR 600 million.
According to EQT, EQT VI focuses on making control or co-control equity investments in well-established businesses with strong market positions, clear competitive advantages, and substantial potential for future growth in sales and earnings.
Even though this acquisition will be settled in the UK, the fund is particularly interested in industries undergoing consolidation, growth, or transformation, with a primary geographical focus on the Nordic region and German-speaking Europe.
EQT’s strategy in acquiring Statera revolves around providing substantial support to Statera’s management team and platform. This involves offering access to growth capital facilitating the rapid deployment of flexible generation solutions throughout the UK.
Leveraging its extensive experience in owning and developing companies contributing to the energy transition, EQT will tap into its global network of Industrial Advisors, consisting of 600 experts, to enhance the strategic development of Statera.
The EQT’s Deal Advisors are detailed below.
EQT Infrastructure Advisors | Details |
Financial Advisor | DC Advisory |
Legal Advisor | Simpson Thacher & Bartlett LLP |
InfraRed Capital Partners - Statera's Seller
InfraRed’s early investment positioned Statera as an industry pioneer in the energy storage sector, securing strategically vital development sites and forming key partnerships.
Since 2017, InfraRed’s support has been instrumental in rapidly scaling Statera. This collaboration enabled Statera’s management to enhance the platform’s capabilities, transforming it into a best-in-class fully integrated Independent Power Producer model and expanding its operational portfolio.
Stephane Kofman, Head of Capital Gain Funds at InfraRed Capital Partners, expressed satisfaction in contributing to Statera’s evolution into a market leader, emphasizing its crucial role in facilitating the UK’s transition to a low-carbon, high-renewables future.
InfraRed Capital Partner Advisors | Details |
Financial Advisor | Macquarie Capital |
Legal Advisor | CMS |
