By Dominic Chopping
STOCKHOLM–EQT has agreed to acquire Statera, a U.K.-based developer and operator for battery storage and flexible electricity-generation infrastructure, from InfraRed Capital Partners, it said Monday.
The Swedish private-equity firm said Statera has 1 gigawatt of flexible generation in operation and under construction, which is enough to power around 750,000 homes, and a total project pipeline of over 16 gigawatts.
“Demand for stability services and dispatchable generation from batteries is expected to grow at speed as a result of rapid deployment of intermittent renewable generation and the gradual decommissioning of thermal capacity,” EQT said.
Financial terms weren’t disclosed, but EQT said that with the transaction its EQT Infrastructure VI fund is expected to be 20% to 25% invested.
The deal is expected to close around the end of the year.
Write to Dominic Chopping at dominic.chopping@wsj.com
Read the full article here
