JLL advises Clearstone Energy on the sale of UK BESS project

LONDON, November 27, 2024 - JLL's Energy and Infrastructure Advisory team acted as exclusive sell-side M&A advisor to Clearstone Energy, a leading renewable energy project developer. The advisory was for the sale of a 200MW / 800MWh, transmission connected battery energy storage system (BESS) in the UK. Following a competitive process, the project was sold to Field, a specialist developer, owner, and operator of battery storage assets.

The Hartmoor BESS project is located in the North East of England where renewable energy generation is set to increase rapidly with 3.6 GW of offshore wind from the Dogger Bank project connecting to the grid between 2025 and 2028. Since securing planning consent for the project in 2023, Clearstone Energy has worked with the National Energy System Operator (NESO) under its Connections Reform programme to bring forward the site’s energisation date from 2033 to 2026.

The successful conclusion of this transaction brings JLL's cumulative BESS transactions to over 9 GW across 48 deals. This achievement further solidifies JLL's position as the leading advisor in the European energy storage market, with a track record of successful transactions in both the UK and Continental Europe.

Ben Pratt, Founder & Managing Director, Clearstone Energy, said: “The increased flexibility that projects like Hartmoor BESS will bring to the UK’s electricity transmission network is critical to delivering on the Government’s ambitious Clean Power 2030 goal. We’re grateful for JLL’s support on the transaction and delighted that Field will take the project through construction and into operations.”

Max Stirling, Director, Energy & Infrastructure Advisory, EMEA, JLL, added: “This transaction emphasises the growing importance of battery energy storage systems in the UK's energy transition and demonstrates the increasing investor appetite for transmission connected BESS assets, particularly those situated in strategic locations. It has been a privilege to collaborate with the exceptional team at Clearstone Energy on this significant deal, and we look forward to future opportunities to work together as we continue to shape the evolving energy landscape.”