TLT has advised Santander on a landmark transaction signalling that the energy storage market is now ripe for debt funding.
The investment sees Santander provide a £28.5m facility to Battery Energy Storage Solutions Limited (BESS), an independent developer, operator and owner of battery storage units in the UK that aims to reach a 100MW portfolio by the end of 2018.
TLT provided Santander with end to end support and advice, including advising on the terms and structure of the debt finance. The team involved banking and finance partner Gary Roscoe and solicitor Emily Huish.
Santander Corporate & Commercial’s director of infrastructure & renewable energy Mark Cumbo, who led the deal team, comments: “We are delighted to have closed this landmark transaction with a new client in a new niche market segment.
“Given that this was a new area for us, we were extremely grateful to TLT for their specialist knowledge and deep understanding of the sector as well as the practicalities of our investment. The team worked tirelessly to ensure a smooth process for everyone involved.”