Santander UK has again called on legal experts at Bristol-headquartered national law firm TLT to advise it on a multi-million pound finance deal for a major battery storage plant.
The bank’s latest transaction with Zenobe Energy, the UK’s leading owner and operator of battery storage plants, is for what is anticipated to be the largest of its kind in Europe. 
This deal takes the total debt financing provided by Santander UK – a long-standing client of TLT – to more than £60m to support and bolster Zenobe’s future development plans.
As well as becoming Europe’s largest battery plant, the 100MW/107MWh project at Capenhurst in Cheshire has also been awarded the first reactive power contract offered by National Grid ESO.
This will make the battery, which is expected to be completed by next year, the world’s first to receive reactive power direct from the locality’s distribution network operator, so absorbing reactive power directly from the transmission grid and playing a key role in grid balancing in Cheshire and the wider Mersey region.
TLT advised Santander UK on the facilities advanced to a subsidiary of London-based battery storage firm Zenobe by way of a non-recourse debt facility.
It is the latest and fifth finance package between Zenobe and Santander UK and builds on a first-of-a-kind facility set-up in 2019, on which TLT also advised.
The TLT was led by banking partner Gary Roscoe, alongside Oliver Coad, Ed Lacey, Becky Panton and Danielle Futcher.
Santander UK director, specialised & project finance, Mark Cumbo said: “This is an incredibly exciting and ground-breaking development to be part of. Zenobe’s work is at the cutting edge of battery development, worldwide.
“We are delighted to support Zenobe with this landmark transaction, delivering a complex funding solution that unlocks growth opportunities. 
“It was a pleasure to work with TLT, which has in-depth knowledge and understanding of commercial battery storage projects. It was fundamental to making this project a success.”
TLT’s Gary Roscoe, pictured, added: “We’re pleased to support Santander UK in financing energy storage facilities, particularly given the key role storage is set to play in the clean energy system.
“Unlocking the potential of energy storage will transform the UK energy system and the future of how the world is powered. This project is the latest – and most powerful – example of this thriving sector, and we are proud to play a part in making this a reality.
“We look forward to the project’s development and completion, and the subsequent benefits it will bring at a regional and national level. It’s a privilege to be able to act on the commercial agreements that bit by bit help make our energy system sustainable and tackle climate change.”
Previously, TLT also supported Santander UK on phase 1 and phase 2 of its £28m financing of a flagship 35MW/70MWh battery storage project operated by Still Waters Green Technology (SWGT).
