DLA Piper advises on the refinancing of the 100 MW Richborough Energy Park storage facility in the UK

Global Law firm DLA Piper has successfully advised two lenders, a large financial institution and Siemens Financial Services (through Siemens Bank GmbH), on the refinancing of a 99.9MW operational battery energy storage facility located at Richborough Energy Park in Kent in the United Kingdom. The project is sponsored by Sosteneo, a leading asset management company specialising in greenfield infrastructure investments for the energy transition.

This refinancing marks a significant milestone for Sosteneo, which also owns the neighbouring 249MW SHEAF battery storage project, currently under construction. The Richborough facility is recognised as one of the largest operational battery energy storage system (BESS) projects in the UK, underscoring its importance in the energy transition landscape.

“Grid stability is a key consideration for the future of the UK energy transition so to support our clients, and Sosteneo as lead lenders’ counsel, on this refinancing of one of the first significant operational battery storage systems in the UK has been an exciting and important project for our leading energy transition team.” said Natasha Luther Jones, Global Co-Chair, Energy & Natural Resources sector and International Head of Sustainability and ESG.

The DLA Piper team was led by Laura Gordon (Legal Director, Leeds), with Alexandra Smyllie (Senior Associate, Leeds), Charlie Bridges (Associate, Leeds), and Olivia Taylor (Trainee Solicitor, Leeds) on finance documentation. Jacques Camilleri (Senior Associate, Edinburgh) spearheaded due diligence across project contracts, including optimization agreements, while Sophie Linnell (Senior Associate, Leeds) focused on grid-related aspects.