Funds managed by Ares Management’s infrastructure equity business have acquired a significant minority stake in Statera Energy’s operational UK energy storage and flexible generation portfolio, which totals about 1.9 gigawatts. The portfolio’s anchor assets are the 680 megawatt Carrington Storage project in Greater Manchester and the 750 megawatt Thurrock Flexible Generation project in Essex.
Statera, a UK developer and operator of storage and flexible generation, will continue to own, operate and manage the portfolio, with Ares joining as a long-term investment partner. The investment brings in capital for Statera’s growth plans, including a 16 gigawatt development pipeline, and chief executive Tom Vernon said the company targets 7 gigawatts of flexible capacity by 2030. Financial terms and the size of the stake were not disclosed.
Macquarie Capital advised Statera, with Paul Weiss as transaction counsel and Herbert Smith Freehills Kramer on due diligence. KPMG advised Ares on financial and tax matters, with DLA Piper as legal adviser and Baringa on commercial matters.
Vernon framed the deal as Ares’ first infrastructure equity investment in Europe. The read for the market is the asset choice: a US alternative manager entering European infrastructure through operating battery and flexible generation capacity, where revenues rest on balancing a renewables-heavy grid, rather than through the development platforms that have absorbed most recent sponsor capital.