The world of energy storage is abuzz with news of a significant acquisition! Varco Energy, a UK-based leader in battery storage, has expanded its portfolio with a 100 MW project in Bradford, West Yorkshire. But here’s where it gets controversial: this acquisition is just one piece of a larger puzzle, as Varco Energy aims to drive the energy transition through flexible storage solutions.
Varco Energy, with its sights set on a greener future, has enlisted the expertise of Watson Farley & Williams (WFW), a trusted advisor for this ambitious endeavor. The project, known as Old Allen Road, is expected to be up and running by May 2027, adding to Varco Energy’s existing battery storage sites in Cornwall and Merseyside.
But who are the key players in this energy transition story? Q4 Holdings, a Yorkshire-based renewable energy investment firm, and 23 Energy, a UK utility battery storage developer with a focus on carbon neutrality, are the previous owners of this project.
The WFW team, led by Corporate Partner Christina Howard, brought together a diverse range of expertise to advise Varco Energy. From project development and finance to tax matters and real estate, WFW’s full-service approach ensured a comprehensive advisory experience.
Christina Howard commented, “We’re thrilled to support Varco Energy’s growth and contribute to their mission of advancing the UK’s energy storage capabilities. With our team’s deep expertise in energy and cross-practice collaboration, we can offer end-to-end guidance on these complex transactions.”
And this is the part most people miss: WFW’s recent involvement in financing another Yorkshire BESS project in Thorpe Marsh showcases their commitment to driving the UK’s energy transition.
So, what do you think? Is this acquisition a step towards a greener future, or are there potential challenges and considerations we should discuss? Feel free to share your thoughts and insights in the comments below!