Advises Elements Green on financing arrangements for their energy transition overhaul, Counseled by our legal firm
West Street Climate Credit Fund Finances UK's Largest Energy Storage Project
The West Street Climate Credit Fund, managed by Goldman Sachs Asset Management (GSAM), has provided the inaugural construction bridge financing for the Staythorpe Battery Energy Storage System (BESS), a significant UK battery storage project developed by Elements Green.
This financing deal is a significant milestone, marking the first transaction from this newly launched transition finance fund. It underscores the growing role of private capital in supporting large-scale renewable energy infrastructure essential to the UK’s net-zero transition.
The Staythorpe BESS, located in Newark-on-Trent, Nottinghamshire, will deliver 360 MW of power capacity and 720 MWh of energy storage, making it the second-largest standalone battery project in the UK and one of the largest in Europe. The project is sufficient to power over 95,000 homes for a full day, enhancing grid flexibility, energy resilience, and renewable energy integration for the UK.
The White & Case LLP team, based in London, advised Elements Green on the financing for the Staythorpe BESS and their pipeline of projects. The team, led by partner Kamran Ahmad, included Bethany Carter, Fola Oginni, Allan Taylor, Paddy Mohen, and Lis Blunsdon. James Clarke, counsel at White & Case, was involved in the capital markets aspect of the transaction. Rotimi Adeniyi-Akintola, associate at White & Case, focused on the project development and finance team with a focus on Africa.
The £71.5 million construction contract was awarded by Elements Green to Mitie Power & Grid, which is leading design and build, including a 400kV grid substation. The project began construction in mid-2025 and is expected to be operational by mid-2027, with an intended operational lifespan of around 40 years.
The financing deal includes vendor financing from battery system supplier Hithium, and a separate refinancing deal with Copenhagen Infrastructure Partners (CIP) to support Elements Green’s broader solar and energy storage pipeline. The project is expected to create around 60 jobs during construction and aims to deliver a 25.7% biodiversity net gain through planting new woodland, meadows, and trees, demonstrating a commitment to environmental and community engagement alongside clean energy goals.
This project is strategically important in the UK’s clean energy transition, helping protect against energy price shocks and supporting energy security, as recognized by stakeholders including UK government officials and industry leaders. The financings for the Staythorpe BESS and Elements Green's pipeline of projects reflect the critical role of private capital in bridging the funding gap for such projects.
In summary, the West Street Climate Credit Fund’s financing of the Staythorpe BESS marks a transformational moment by channeling private capital into critical clean energy infrastructure, enabling a large-scale battery storage asset that will significantly support the UK’s net-zero ambitions for decades.
- The regulatory office must ensure compliance with the laws regarding private capital investments in the finance sector, particularly in capital markets and business transactions like mergers and acquisitions.
- The team at White & Case LLP will provide legal counsel on finance and business matters for clients engaged in power projects, such as the Staythorpe Battery Energy Storage System (BESS).
- The partner-led team at White & Case LLP, including Bethany Carter, Fola Oginni, Allan Taylor, Paddy Mohen, and Lis Blunsdon, offers comprehensive services in project development and finance, capital markets, and compliance.
- The financing services provided by the West Street Climate Credit Fund for the Staythorpe BESS also includes vendor financing from battery system supplier Hithium.
- The role of the White & Case LLP associate, Rotimi Adeniyi-Akintola, extends beyond traditional finance practices, focusing on projects development with a focus on Africa.
- News of the strategic financing deal by the West Street Climate Credit Fund highlights the critical role private capital plays in the financing of large-scale renewable energy infrastructure.
- Elements Green's energy storage project, the Staythorpe BESS, is significant not only for its scale but also for its potential impact on grid flexibility, energy resilience, and renewable energy integration in the UK.
- The finance aspect of the Staythorpe BESS deal was also handled by counsel James Clarke at White & Case LLP, highlighting the firm's expertise in various sectors of the finance practice.
- The successful completion and operation of the Staythorpe BESS will serve as a model for future partnerships between private capital and renewable energy infrastructure development in the UK's capital markets.
