Field’s £77 Million Financing for Portfolio of Battery Storage Assets

In UK CMS Cameron McKenna Nabarro Olswang LLP, advised on the matter.

CMS Cameron McKenna Nabarro Olswang LLP advised Field Energy with a team including Philip Duffield (Energy & Infrastructures), Louise Dalton (Project), Katie Duffield (Project), John Finnemore (Picture – Project).

Field, a leading battery storage development company, received a £47m financing from investment firm Triple Point Energy Efficiency Infrastructure Company (TEEC) and additional £30 million of equity funding from early-stage investor Plural, to build a 110MW portfolio of battery storage assets.

Field is aiming to reach 1.3GW of operational battery storage assets in the UK by 2024. Securing this financing from TEEC will allow Field to build a portfolio of four assets across the UK. The first asset (located in the north of England, with a capacity of 20MW) is expected to become operational in July 2022, and the other three assets (variously located in England, Wales and Scotland, with capacities between 20MW and 50MW) are scheduled to begin operations in 2023.

The CMS team for Field was led by John Finnemore (Picture – Corporate) and Louise Dalton (Energy) with Katie Duffield (Finance) leading on the financing and Philip Duffield (Projects) on construction and O&M arrangements. The wider team included Hannah Merrick and Christopher Thorp (Finance); Sophie Curran, Nicoletta Francis and Mumuksha Singh (Corporate); Freddie May and Sabrina Polito (Energy); Ollie Ratnatunga and Tom Ballard (Projects); and Marcin Patrzala and Louise Brymer (Real Estate).

Involved fees earner: Tom Ballard – CMS Cameron McKenna Nabarro Olswang LLP; Louise Brymer – CMS Cameron McKenna Nabarro Olswang LLP; Sophie Curran – CMS Cameron McKenna Nabarro Olswang LLP; Louise Dalton – CMS Cameron McKenna Nabarro Olswang LLP; Philip Duffield – CMS Cameron McKenna Nabarro Olswang LLP; Katie Duffield – CMS Cameron McKenna Nabarro Olswang LLP; John Finnemore – CMS Cameron McKenna Nabarro Olswang LLP; Nicoletta Francis – CMS Cameron McKenna Nabarro Olswang LLP; Freddie May – CMS Cameron McKenna Nabarro Olswang LLP; Hannah Merrick – CMS Cameron McKenna Nabarro Olswang LLP; Marcin Patrzala – CMS Cameron McKenna Nabarro Olswang LLP; Sabrina Polito – CMS Cameron McKenna Nabarro Olswang LLP; Mumuksha Singh – CMS Cameron McKenna Nabarro Olswang LLP;

Law Firms: CMS Cameron McKenna Nabarro Olswang LLP;

Clients: Field Energy;

Author: Giulia Di Palma