Deal Description: A joint venture comprising UK and Japanese companies has secured financing for the development of two battery storage projects in the UK. The joint venture comprises of RNK UK Investments Limited (“RNKUKI”) (itself a joint venture between Nippon Koei Energy Europe BV, 100% owned by Nippon Koei, and RNA Energy Ltd) and Fuyo General Lease Co. Ltd., Tess Engineering Co. Ltd., Tokyo Century Co. Ltd. and Toshiba Mitsubishi Electric Industrial Systems Co. Ltd. Senior financing will be provided by Fuyo General Lease (USA) Inc.
Construction of the two large-scale grid storage battery projects, in Tollgate, Hertfordshire and Cuxton, Kent commenced in December 2021 with the commercial operation dates scheduled for the spring of 2023. These two facilities will be the first large scale battery energy storage projects operated by Japanese companies in the UK.
Baker Botts advised Nippon Koei on its initial investment and RNKUKI on the joint venture with its Japanese partners.
In addition, Baker Botts advised RNKUKI and its subsidiary project companies on the senior and mezzanine financing.
Baker Botts Lawyers/Office Involved:
Tax: Graham Brough (Special Counsel, London).
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