West Burton Energy sells its operational CCGT and BESS to TotalEnergies
West Burton Energy (“WBE”) a UK-based independent power producer, today announced that it has signed a binding agreement to sell the West Burton B 1332MW Combined Cycle Gas Turbine facility and the 49MW Battery Energy Storage System located in Nottinghamshire, England to TotalEnergies for an enterprise value of £450million (the “Transaction”).
WBE is owned by funds managed by EIG, a leading institutional investor in the global energy and infrastructure sectors.
WBE and its existing leadership team, supported by EIG, will focus on growing its energy storage platform in the UK and Europe.
WBE is currently developing the 2.9GWh Thorpe Marsh battery energy storage project in Yorkshire, England, and the 1GWh West Burton C project in Nottinghamshire, which are expected to come online in 2026 or 2027.
These large-scale projects will play a critical role in delivering flexible and reliable electricity supplies in an increasingly electrified energy system dominated by intermittent forms of renewable generation such as wind and solar.
Chris Elder, Chief Executive Officer of WBE, said:
“We are thrilled by the strong interest in this transaction from across the sector, and we are delighted by the outcome. Following completion of the sale, our ambition is to establish a world-class platform to develop, build, operate and optimise large-scale storage assets that provide essential flexibility to electricity systems.”
Walid Mouawad, Managing Director & Global Co-Head of Energy Transition at EIG, said:
“EIG is proud that, over the course of our ownership, West Burton Power Station has played an important role in the UK power market by providing reliable and flexible generation while renewables continue to ramp up. Following this transaction, we look forward to supporting the continued growth of the company’s storage pipeline with a strong focus on flexibility, scale and decarbonization.’’
Lazard served as WBE’s financial adviser on the transaction, and White & Case served as WBE’s legal adviser. PWC (tax and finance), Baringa (market), Aon (insurance) and Black & Veatch (technical) also provided advice to WBE on the transaction.
Completion of the Transaction is subject to customary closing conditions and approvals.
Media enquiries
Fidra Energy
For more information, please contact info@fidraenergy.com
EIG
FGS Global
Kelly Kimberly / Brandon Messina
+1 212-687-8080
EIG@fgsglobal.com
