InfraRed backed Statera Energy enters into strategic partnership with Statkraft to faciliate low carbon transition in the UK
|Category||Infrastructure / UK|
InfraRed Capital Partners (“InfraRed”) is pleased to announce that Statera Energy (“Statera”), the UK’s leading developer, owner and operator of flexible infrastructure, has entered into a 15-year strategic partnership with Statkraft to realise a 1 GW portfolio of utility scale flexible generation and energy storage projects.
Statera Energy will provide one of the UK’s largest battery facilities to store renewable energy at times of excess production. Statera will also deliver high efficiency gas reciprocating engines to flexibly generate electricity at times of under-production or peak demand. The assets will complement Statkraft’s 3.8 GW UK renewable generation portfolio, contributing to a reduction in conventional, less flexible, fossil fuel generation and carbon emissions in the UK’s electricity system.
Statera, backed by global investment manager InfraRed Capital Partners, will continue to develop, build, own and operate its flexible gas generation and energy storage portfolio throughout the partnership. As new assets come online, they will be integrated into Statkraft’s virtual power plant and advanced trading platform. Statkraft will provide market optimisation, trading and risk management services to the assets.
Statkraft, strives to be a leading route-market-services provider to ensure a secure, renewable and cost-efficient electricity system of the future. Flexible power generation will continue to form an essential part of enabling the viability of renewables in the coming decades, at the lowest cost to consumers.
Duncan Dale, head of Statkraft’s markets business in UK, said:
“Statkraft recognises the importance of flexible power generation for the provision of secure energy supply in the years to come until multi-day mass energy storage becomes economically viable. It is vital that any new generation capacity is highly efficient and ultra-flexible, like Statera’s.
We have partnered with Statera because of their project development approach and relentless optimisation of the project design and operations. Everything about these projects suggests that new efficiencies can be made, which means lower carbon emissions and lower costs to the consumer. The energy market and the UK’s transition to a low carbon future should benefit greatly from unlocking this potential.”
Tom Vernon, Managing Director of Statera Energy, said:
“Statera is excited to be able to continue to deliver best-in-class energy storage and highly flexible and efficient gas generation to the renewable energy market in the UK. We intend to do our part to support security of supply and facilitate the low carbon transition enabling a more renewable future.
We have partnered with Statkraft because of its industry-leading trading capabilities and innovative approach to the future energy market. The UK generation mix and electricity market design will continue to evolve rapidly in the coming years, becoming increasingly volatile and challenging to trade. Statkraft will optimise the increasing dependence that its renewable portfolio has on flexible generation and storage, to help balance the electricity system using Statera’s assets for the next 15 years.”
About InfraRed Capital Partners
InfraRed Capital Partners is a global investment manager focused on infrastructure and real estate. It operates worldwide from offices in Sydney, London, Hong Kong, New York, Seoul and Mexico City. With around 150 professionals it manages US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners is authorised and regulated in the UK by the Financial Conduct Authority.
InfraRed Capital Partners has been investing in the Infrastructure market for over 20 years and is an expert in the development, financing and management of infrastructure projects from their conception, design and construction into their operating phases.
InfraRed Capital Partners was the lead sponsor responsible for the development and execution of this complex and unique transaction for Curtin University.
InfraRed Capital Partners implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed Capital Partners is a signatory of the Principles of Responsible Investment.
Further details can be found on InfraRed’s website, www.ircp.com.
About Statera Energy
Statera Energy is the UK’s leading developer, owner and operator of battery storage projects. It has been operating two of the UK’s largest batteries (c.100MW) from 2017, with a further 600MW of projects consented and ready for construction. In addition, Statera Energy is pioneering highly flexible, highly efficient, gas reciprocating engines. These fast-action power plants enable the UK to continue to grow its renewable energy portfolio, protecting the National Grid against the intermittent and unpredictable nature of weather dependent energy sources. In 2016 the company commissioned a 50MW flexible gas-fired power generation plant and has since secured consents for a further 200MW of projects which are ready for construction. Beyond this the company is actively developing a large pipeline of transmission and distribution connected projects at strategic locations in the UK. Statera Energy is majority owned by Infrared Capital Partners.
Further details can be found on Statera Energy’s website, www.stateraenergy.co.uk
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 3,600 employees in more than 16 countries.
In the UK Statkraft develops, owns and operates renewable production facilities and is also involved in the trading, origination and optimisation of energy from own projects and those of third parties using our sophisticated and in-house developed Virtual Power Plant technology.
As a leading provider of Power Purchase Agreements for renewable and flexible generators and energy storage facilities, Statkraft has facilitated over 6 GW of new-build assets for third parties