The Silkstead battery energy storage system (BESS) is located to the south-east of the Winchester substation and will commence construction in 2027, with commercial operations expected to start in 2028.
Eelpower Energy is aiming to build, own and operate over 1GW of grid-scale battery assets in the coming years with a view to being a leading owner-operator of flexibility on the GB electricity system. It plans to invest £500 million into BESS in Great Britain.
“Silkstead is an important acquisition for Eelpower Energy and a strong addition to our growing battery storage portfolio” said Mark Simon, Chief Executive of Eelpower Energy. “This acquisition demonstrates our ability to originate and execute attractive opportunities with high-quality counterparties such as Balanced Grid Works, in order to deliver on the commitment of Equitix, Aware Super and the National Wealth Fund to invest in the infrastructure needed for a cleaner, more flexible and more resilient electricity system in Great Britain.”
Eelpower Energy was advised by Burges Salmon (legal counsel), Everoze (technical due diligence), Roadnight Taylor (grid consultants) and Alvarez & Marsal (finance / tax).
Balanced Grid Works was advised by Foot Anstey (legal counsel) and Albert Goodman (finance / tax).
“We developed an excellent working relationship with the entire Eelpower Energy team” added Kevin Parr, Director of Balanced Grid Works. “This approach enabled us to deal with and address any issues that arose during the due diligence and sale completion process in a timely and equitable manner. We look forward to watching Eelpower Energy move the Silkstead project to the next stage of its development.”
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