We are pleased to announce that we have advised Still Waters Green Technology (SWGT) to secure the £12m non-recourse Phase One Financial Close with Santander UK. The deal was announced in November and will see a 30MW utility-scale battery storage project built in Swindon.
Our experts leveraged their comprehensive knowledge to support and advise SWGT on commercial, policy and regulatory aspects of the energy storage market in the UK. Our consultants harnessed their practical and in-depth market knowledge of the battery storage and flexibility market.
The finance is delivered under Santander’s Environmental & Social Growth Fund structure.
Tom Palmer, Managing Consultant at Cornwall Insight, said:
“We are delighted to have advised SWGT on this landmark transaction. Cornwall Insight used its high-quality flexibility and battery storage modelling capabilities and wider support to help guide SWGT through the process.
“Cornwall Insight’s involvement demonstrates our consultant’s ability to advise ambitious companies to deliver large innovative projects that will play a significant role in the UK’s low-carbon ambitions. This deal reflects the appetite in the sector for energy storage which is only set to grow even larger as the UK and other countries seek to implement cleaner energy solutions to achieve their net zero targets.”
Olivia He, Chief Investment Officer at Still Waters Green Technology, said:
“We would like to thank Cornwall Insight’s for the support towards the success of the inaugural phase of the project, especially during this difficult time with COVID-19.
“This project is testimony to the resilience of the energy transition fuelled by innovation and a strong appetite for renewable energy from investors. It establishes a solid foundation for SWGT’s growth ambition, and vision to become the pre-eminent UK renewable energy sponsor, supporting the integration of low-carbon power generation locally and worldwide.”