Freeths advises Catalyst Capital on acquisition of 100MW UK battery

A multidisciplinary Freeths team (including corporate and energy specialists) has advised property investment and asset management group Catalyst Capital on the acquisition of project rights to develop a 100MW battery storage asset on the site of the former Skelton Grange power station near Leeds. The project has a target operations date in Q4 2022 and will form part of a regional hub for renewable energy alongside a neighbouring energy-from-waste plant.

The Skelton battery is one of a series of assets that Catalyst plans to acquire as part of a £300m diversified battery storage facility strategy. It follows the joint venture acquisition last year (with Downing LLP) of a 50MW battery storage, private wire network and utility-scale EV charging super-hub project at Nursling, Southampton, on which Freeths also advised Catalyst. The Nursling battery is expected to be operational in February 2022.Kean Hird, partner of Catalyst Capital, said:

"John [Parsons] and his team have been researching this sector for some time and we believe there is a compelling opportunity to deliver a portfolio of UK battery storage facilities. This portfolio will give our investors the opportunity to invest into a scalable market with high ESG credentials in the renewables sector. Although the sector is still in evolution, it is quickly gaining institutional status, while delivering very healthy cash-on-cash returns in the interim."

Clare King, who led the Freeths team advising Catalyst, said “We are thrilled to have supported Catalyst on this strategic acquisition and previously on the Nursling transaction. It is always a pleasure working with John Parsons, Chris Christofi, Kean Hird and the rest of the Catalyst team. We look forward to seeing the Catalyst Energy Storage Platform develop”.

Fichtner Consulting Engineers advised Catalyst on the technical aspects of the transaction.