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National law firm TLT has advised leading clean energy enterprise TagEnergy on a landmark debt package that will facilitate the construction and operation of the Lakeside 99.9MW battery storage facility in North Yorkshire.
TLT provided legal advice on all aspects of the project documentation and financing, which is being advanced by three lenders: Santander, Rabobank and Triple Point. The team at TLT was led by banking partner Gary Roscoe, supported by associates Emily Huish, Becky Panton and Beth Drew. The transaction also involved cross-sector and cross-service expertise and was supported by TLT’s future energy and corporate teams.
TagEnergy also announced that Engineering Procurement and Construction (EPC) contractor Tesla will provide a system of Tesla Megapack 2XL lithium-ion batteries, Habitat Energy will provide a route to market and battery optimiser, while independent renewable energy company RES has been engaged as asset manager.
Construction commenced on the Lakeside project in August 2023 with the energy park due to go live by mid-2024. TagEnergy acquired its 100 per cent stake in the battery storage facility – then its fifth investment in the UK – from RES in December 2021.
Franck Woitiez, chief executive office, TagEnergy commented: “We’re grateful to TLT for the firm’s help and support in securing this project finance debt package. The firm’s market leading knowledge of commercial battery projects was instrumental in securing the package, and we’re now excited to move to the next stage of the project to accelerate the energy transition.”
Gary Roscoe, banking partner at TLT: “TLT is delighted to have once again supported TagEnergy on a milestone venture that will play a significant part in the UK’s transition to net-zero. TagEnergy’s continued investment in UK battery storage infrastructure is reflective of wider, and increasingly active, investment in this space, and the maturity of the UK debt market for projects such as Lakeside.”
19 October 2023