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    25-09-2018

    Eversheds Sutherland advises Origami Energy on sale of 19MW of battery storage projects

    Eversheds Sutherland has advised market leading technology company Origami Energy on its sale of two battery storage projects to UK-listed Gore Street Energy Fund.

    The two battery storage projects, which have a combined capacity of 19MW, are in south east England. The portfolio includes a 10MW front of meter unit in Brentwood and a 9MW behind-the meter unit at Tilbury Port in Essex.

    Gore Street Energy Fund acquired 100% of the project rights from Origami Energy for an undisclosed sum. Both projects have land rights, planning and grid access secured with construction due to begin in the coming weeks. Origami is also supplying on-going optimisation services to the Projects.

    Once operational (in Q2 2019), the assets will be operated through the Origami Energy platform. It is anticipated they will generate revenue through services to the capacity market, TRIAD participation and offering firm frequency response services to the National Grid.

    The Eversheds Sutherland team was led by corporate Partner Stephen Hill and comprised: Principal Associate Caroline Clapham (corporate), Senior Associates Ben Brown (commercial) and Joe Kelly (real estate), and Associates Jack Gladman (corporate), and Claire Stockill (commercial).

    The team provided advice on the sale process and the development assets, as well as the on-going optimisation and project support documentation.

    Stephen Hill commented:

    “We are pleased to have been able to support on what is a particularly significant transaction for both our client and the energy storage industry as a whole. With energy storage becoming an increasingly viable option for various industrial sectors, this is an exciting space to be in and we look forward to continuing our work with Origami Energy.”

    Sumit Joshi, Head of Distributed Energy Solutions at Origami Energy commented:

    “This is a great step forward for the development of our overall strategy and we are pleased to be partnering with Gore Street to bring these assets into operation. The support from the team at Eversheds Sutherland has been first class – they were available when required, delivered good legal but also commercial support and guided us to a great conclusion.”

    For more information on Eversheds Sutherland, visit eversheds-sutherland.com

    Stephen Hill, Partner
    Caroline Clapham, Partner

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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