Eversheds Sutherland powers 12 key deals for Gresham House Energy Storage Fund in three-week surge

The transactions mark the culmination of an intensive period of activity for GRID, securing a comprehensive funding structure and expanding its development pipeline to over 1GW of new energy storage capacity.

Eversheds Sutherland supported GRID on the following transactions:

• the completion of the acquisition of the Cockenzie project, now the largest asset in GRID’s portfolio;
• the conditional acquisition of the Rayleigh project (480MW) in Essex, significantly expanding GRID’s pipeline and offering strong strategic and locational advantages;
• the signing of export credit agency-backed financing arrangements for the Cockenzie (240MW/480MWh) and Monet’s Garden (57MW/114MWh) projects totalling £29.7 million, representing a first-of-its-kind transaction in the UK battery energy storage market, enabling deferred payment of key equipment over a ten-year period;
• the completion of three senior project finance facilities supporting the construction of three projects – Cockenzie, Monet’s Garden and Elland 2 – totalling 397MW and  £141 million of senior debt across the projects;
• the signing of SPAs for the conditional acquisition of Ocker Hill (240MW) and Lister Drive (57MW), further increasing the scale of the pipeline and supporting GRID’s long-term growth strategy; and
• the signing of exclusivity arrangements between GRID and Summit Transition Partners (STP), a joint venture set up by Sumitomo and TPK in relation to Cockenzie, Monet’s Garden, Elland 2, Lister and Ocker, along with the subsequent completion of a minority sell down in Cockenzie, Monet’s Garden and Elland 2 to STP.

The global law firm advised on all aspects of the transactions, including the complex interconnected nature of them, ensuring that each of them dovetails together at different levels of the GRID corporate structure.

Eversheds Sutherland has provided ongoing legal support to GRID across its energy storage platform, advising on acquisitions, financings and development matters since IPO in 2018. Over the past year, the firm has advised on GRID’s £220 million debt refinancing in August 2025 for its operational portfolio and the acquisition of the Elland 2, Monet’s and Cockenzie projects in November and December 2025, which set the groundwork for the transactions noted above.  All of these transactions are a critical part of implementing GRID’s Three-Year Plan.

Led by partner Caroline Clapham with partner Peter Greenall leading on the finance aspects, the wider team comprised Ben Brown (Commercial; Regulatory), Karen Mutton (Planning), Barry Cahill (Corporate), Ed Lyons (Corporate), Timothy Han (Finance), Sacha Bacco (Construction), Christine Barnsley (Property), Jodie Stewart (Property), Kristen Centorame (Construction), Sophie Lowe (Commercial; Regulatory), Eunice Wong (Finance), Ross Boddy (Corporate), Laura Herd (Corporate) and Sikander Najib (Corporate).

Caroline Clapham, Partner, at Eversheds Sutherland, commented:

“We are delighted to have supported GRID on this series of transactions, which together represent a significant step forward in the delivery of its energy storage pipeline. The conclusion of these financings and acquisitions demonstrates both the scale of ambition within the platform and the increasing sophistication of funding structures in the UK BESS market.

“It is a testament to the strength of the Gresham House team and our longstanding relationship that we were able to support the successful delivery of this complex programme, which has resonated positively in the market.

John Leggate for Gresham House Energy Storage Fund plc said:

“We value and acknowledge Eversheds Sutherland for their continued support across these strategically important transactions. Their deep understanding of the energy storage sector, the GRID business model and the transaction history since IPO, and their ability to coordinate complex, multi-faceted financings have been invaluable as we deliver on our growth strategy and bring forward a significant pipeline of new capacity.”

The Eversheds Sutherland team has also been shortlisted in the ‘Best Client Service’ category at The Lawyer Awards 2026 for their work supporting GRID.