TLT supports Santander on £25m battery storage funding

TLT has advised long-standing client Santander UK plc on a multi-million pound debt funding into independent battery storage firm Zenobē Energy.

Zenobē Energy is the UK’s leading independent operator of battery storage assets and the debt funding from Santander is integral to its ambitious growth plans. 

Zenobē intend to use this investment to finance the construction and purchase of additional battery storage projects; invest in behind the meter services to improve power supply resilience and reduce energy costs for commercial and industrial customers; and provide services to the fleet vehicle sector including the design, operation and financing of batteries and associated charging infrastructure.   

Gary Roscoe, Emily Huish and Becky Panton of TLT’s banking and finance team advised Santander on the debt finance terms and structure while head of clean energy Maria Connolly and legal director Debbie Reynolds provided due diligence in respect of property and planning matters.

Mark Cumbo, Director in the Specialised & Project Finance Team at Santander says: “We are delighted to be working with Zenobē and TLT on such a major transaction in this sector. TLT’s deep understanding of the clean energy sector and diligent approach ensured a smooth process for everyone involved.

“Battery storage represents a fantastic opportunity for the UK energy market, and we’re pleased to be playing a role in the provision of clean energy technologies.”

Gary Roscoe, partner at TLT, comments: "Energy storage is becoming an increasingly attractive proposition for equity investors and debt funders alike, given its significant role in the energy system. 

“Santander have taken an innovative approach to the traditional project finance structure to offer debt funding for this project, and we expect to see increasing interest in investment opportunities of this kind over the coming year.”