16 May 2017 | 04:44 pm |
International law firm Pinsent Masons has advised Element Power on the construction, procurement and sale of its Tynemouth Energy Storage project to ENEL for an undisclosed sum.
Last summer, the storage project in North East England broke new ground when it won one of the eight contracts with National Grid to provide services as part of its first enhanced frequency response tender. The initiative aims to alleviate grid constraint due to the UK’s increasingly diverse energy generation mix.
Pinsent Masons says the 25 Megawatt project signifies a step change for the UK's energy industry as the market provides solutions to ensure essential energy supply remains in balance and resilient.
Pinsent Masons' energy partner, Ian McCarlie, led a team advising Element Power on the sale supported by senior associate Paul McGuickin. Energy partner, Melanie Grimmitt, lead on the procurement and construction work with a team which included senior associate Helen Bone associate Alex Murdie and solicitor Raphael Tuffin.
Commenting on the deal McCarlie said: "Energy storage has received significant interest in recent months as the UK grapples with increasing demands on its grid network together with the diversification of its energy mix. Innovative technology such as battery storage will become increasingly important to the future of the UK's energy supply. This ground breaking project will increase efficiency and improve resilience across the grid."
Element Power is a leading independent international developer and investor in energy projects.
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