Brookfield Acquires Majority Stake in Independent Renewable Producer Neoen

EQT, a private equity firm, through its EQT Infrastructure VI fund, has agreed to acquire Statera Energy, a UK-based battery storage and flexible generation infrastructure developer and operator from InfraRed Capital Partners.

Statera has 1 GW of flexible generation in operation and under construction, enough to power around 750,000 homes, and a total project pipeline of over 16 GW, with plans to deliver 7.5 GW of flexibility assets by 2030.

EQT Infrastructure will support the Statera management team and platform by providing access to growth capital to accelerate the deployment of flexible generation across the UK.

“It is essential that flexible generation and energy storage technologies are deployed at scale to enable the vast amounts of renewables required to decarbonize power systems. Statera directly addresses this challenge by developing and operating projects that provide the resilience and flexibility required to balance the grid,” said Tom Vernon, Founder and CEO of Statera.

With this transaction, EQT Infrastructure VI is expected to be 20 – 25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on the target fund size.

“In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal,” said Francesco Starace, Partner within the EQT Infrastructure Advisory Team.

The transaction is subject to customary conditions and approvals. It is expected to close around the end of the year. DC Advisory served as financial advisor and Simpson Thacher & Bartlett LLP as legal advisor to EQT Infrastructure.

According to Mercom’s 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, In 9M 2023, 11 Energy Storage companies were acquired, compared to 23 in 9M 2022.

Enovix Corporation, a silicon battery company, recently acquired Routejade, a Korea based battery manufacturer.