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The projects, which will require an investment of over £300m, will be delivered in the next four years, expanding TagEnergy’s existing UK portfolio of over 300MW of projects under construction or ready to be built, and bolstering Balance Power’s growing pipeline.
TLT advised on the overarching framework agreement and template shareholder and loan documentation that will be implemented for each project successfully bought through the pipeline. The transaction was led by corporate future energy partner Kay Hobbs, supported by Tom Lawrence and Andrew Clare.
Kay Hobbs said: “‘We’re delighted to have advised TagEnergy on another transaction which, yet again, demonstrates their commitment to the energy storage market in the UK. Their collaborative approach to this transaction has set the groundwork for another successful partnership for TagEnergy and showcases their ability to get transactions done quickly and in a no-nonsense way. They have ambitious plans to expand their energy storage portfolio and we are happy to support them every step of the way.”
Theo Imbert, head of UK development at TagEnergy said: “Once again working with the TLT corporate team has been a synonym of efficiency and pragmatism which allowed us to close the transaction quickly. TLT is an important and valued partner for TagEnergy as we continue to drive the UK forward on its journey to establish a clean, secure energy system and help the nation to reach net-zero carbon emissions sooner.”
TLT has advised TagEnergy on a number of energy storage deals since its first entry into the UK market. The company’s strong appetite for projects and partnerships now sees it hold over 300MW of ready build storage assets.
26 October 2022