Eversheds Sutherland powers significant energy storage deals

In a remarkable surge over just three weeks, Eversheds Sutherland has facilitated 12 crucial transactions for Gresham House Energy Storage Fund plc (GRID). These deals encompass a series of acquisitions, equity and debt financings, which are pivotal for the development of GRID's expanding battery energy storage system (BESS) portfolio in the UK. The transactions not only showcase Eversheds Sutherland's expertise but also highlight the growing ambition of GRID, which has now managed to secure a comprehensive funding structure while enlarging its development pipeline to exceed 1 gigawatt (GW) of new energy storage capacity.

Key highlights from this series of transactions include the significant acquisition of the Cockenzie project, recognised as the largest asset in GRID’s portfolio, and the conditional acquisition of the Rayleigh project in Essex, which adds 480 megawatts (MW) to the pipeline. Additionally, the firm structured innovative export credit agency-backed financing arrangements worth £29.7 million for both the Cockenzie and Monet’s Garden projects, marking the first such transaction in the UK battery energy storage market.

Eversheds Sutherland's support did not stop there; the firm also facilitated the completion of three senior project finance facilities to bolster the construction of multiple projects, namely Cockenzie, Monet’s Garden, and Elland 2, aggregating 397MW and £141 million in senior debt. Other notable transactions included signing sales and purchase agreements for the conditional acquisition of Ocker Hill and Lister Drive, reinforcing GRID’s long-term growth strategy, and establishing exclusivity arrangements with Summit Transition Partners concerning several projects.

Underlying this complex web of transactions was Eversheds Sutherland's thorough legal guidance, ensuring that all aspects interconnected seamlessly within GRID's corporate framework. Since GRID's IPO in 2018, Eversheds Sutherland has been a consistent legal partner, providing pivotal advice on various legal matters including acquisitions and financing, which laid the groundwork for these recent developments.

Caroline Clapham, Partner at Eversheds Sutherland, expressed her enthusiasm about the collaboration, stating, “We are delighted to have supported GRID on this series of transactions, which together represent a significant step forward in the delivery of its energy storage pipeline." She also noted, “The conclusion of these financings and acquisitions demonstrates both the scale of ambition within the platform and the increasing sophistication of funding structures in the UK BESS market.”

John Leggate from Gresham House acknowledged Eversheds Sutherland’s essential role, saying, “We value and acknowledge Eversheds Sutherland for their continued support across these strategically important transactions.” He commended the firm for their comprehensive grasp of the energy storage sector and the intricate financing processes necessary for realising GRID's growth strategy.

As recognition for their dedicated work, the Eversheds Sutherland team has been shortlisted in the ‘Best Client Service’ category at The Lawyer Awards 2026. This accolade further underscores their commitment to delivering exceptional service in a rapidly evolving market.