Statera Energy, the UK-based developer of energy storage and flexible generation infrastructure, has reached financial close on Carrington Storage: a landmark 680MW / 1360MWh battery energy storage system (BESS) located at Trafford Low Carbon Energy Park in Greater Manchester.

Now under construction, the project will be capable of delivering instantaneous power to 2.2 million homes for up to two hours. Energisation is expected in late 2026, positioning Carrington Storage as a critical asset in balancing the UK’s increasingly renewable-led energy system.

Statera has secured £235 million in debt financing to fund the development. Lloyds served as Sole Structuring Bank, with NatWest, Santander, Siemens Financial Services through Siemens Bank, SEB and Mizuho acting as Mandated Lead Arrangers. The syndicate is providing a term loan, VAT facility and liquidity facility – a reflection of growing investor confidence in grid-scale storage as a key enabler of the UK’s net zero ambitions.

Statkraft will provide a route-to-market and revenue guarantee for the project, building on an established strategic partnership with Statera that now exceeds 1GW of contracted capacity.

The project is being delivered in collaboration with Envision Energy, who will supply the BESS units, along with contractors including Siemens, Siemens Energy, AECOM and Hitachi Energy. Local firm ACS Construction Group is leading civils work, with Roger Bullivant Limited delivering piling and precast foundations. At peak, the project is expected to support over 200 jobs – contributing to local employment and skills development in the North West.

Once operational, Carrington Storage will significantly grow Statera’s portfolio of flexible generation and storage assets. The company currently has 2.1GW of BESS operational or in construction, including the recently energised 300MW Thurrock Storage site. It also plans to make three further investment decisions over the next 12 months, adding more than 1GW of new capacity.

“Reaching financial close on Carrington Storage is a major milestone for Statera as we expand our battery storage portfolio,” said Tom Vernon, CEO of Statera Energy. “It moves us closer to our goal of over 5GW of BESS capacity operational by 2030, strengthening grid flexibility and supporting the UK’s clean energy transition. We’re grateful to our banking partners for their support and look forward to building on this milestone as we deliver our upcoming projects.”

Carrington Storage is designed to operate alongside long-duration storage and other flexible technologies, storing excess renewable energy and releasing it when demand rises. This helps to reduce renewable curtailment and supports the decarbonisation of the electricity grid – a core target of the Government’s 2030 goals.

Founded in 2015, Statera Energy is building the flexible infrastructure needed to unlock a renewable-led energy system. It has a project pipeline exceeding 16GW and plans to invest up to £7 billion by 2030 to enhance energy security and accelerate the UK’s low-carbon transition.

Partner commentary includes:

“Lloyds is proud to have supported Statera Energy, including as sole structuring bank, to deliver the Carrington Storage project, a landmark investment in the UK’s clean energy future,” said Tony Hable, Managing Director and Head of Infrastructure & Project Finance at Lloyds. “By enabling large-scale battery storage, we’re helping to unlock the full potential of renewables, strengthen grid resilience, and accelerate progress towards net zero.”

Patrick Fitzsimons, Director of Energy, Specialist Asset Finance at NatWest added: “We are delighted to have supported Statera Energy, a leading storage IPP, as an Arranger and Lender alongside acting as Hedge Coordinator for the financing of the 680MW Carrington Battery Energy Storage System site. This transaction further demonstrates our commitment to large-scale battery storage financing which is critical to the resilience of the UK energy supply and transition.”

“We are pleased to be supporting Statera Energy once again with its latest project in Greater Manchester,” said Jonathan Corcoran, Director of Specialised and Project Finance at Santander UK. “Carrington Storage is a welcome addition to Statera’s constantly expanding portfolio, as it moves ever closer to reaching its strategic goals. The business has grown from strength to strength, and we look forward to continuing working together in the future.”

Jenny Blackford, CEO of Siemens Bank at Siemens Financial Services, said: “We are delighted to continue our partnership with Statera Energy by providing financing support for their latest battery energy storage project, which is vital for grid stability as the UK accelerates its transition to renewable energy. The Carrington Storage project demonstrates both Statera Energy's innovative approach to energy infrastructure and Siemens' ability to combine technology with financing solutions. We look forward to growing this partnership on our shared path to net zero.”

Tara Patel, Managing Director, Project & Infrastructure Finance at SEB, said: “SEB remains committed to advancing the transition to a low carbon economy and supporting a renewable and resilient energy system. We are proud to continue our partnership with Statera Energy on another landmark project that brings this vision closer to reality.”

“Mizuho is proud to support Statera in the financing of Carrington Storage,” said Dexter Maitland, Head of Power and Energy Transition at Mizuho Bank. “The financing of this project underscores Mizuho’s strong commitment and strategic focus on clean energy transition and its growing expertise in energy storage solutions. We’re excited to continue supporting Statera’s upcoming projects driving the UK’s renewable energy transition.”

Brian Lonn, Statkraft’s Head of UK Flexibility, said: “This is the third significant agreement between Statera and Statkraft, and represents a further evolution for the market in terms of scale and offtake structures. Statkraft has agreed a novel offtake arrangement, containing a blend of contracted revenue structures to enable financing. Our close partnership is helping enable the energy transition in Great Britain, with Statera continuing to deploy the large-scale storage needed to support de-carbonisation of the electricity grid. We look forward to building on this strong relationship in the future.”