CMS advises on large portfolio solar and BESS co-location financing
CMS has advised Cero Generation, a leading independent power producer (IPP), specialised in developing, constructing and operating solar energy and battery storage projects, on achieving financial close on a ~£200m financing package for a portfolio of UK solar and BESS co-located assets.
The financing was provided by a consortium of leading lenders made up of ING, NordLB, Rabobank and Santander UK, with an accordion facility included to accommodate future projects.
The three initial projects, developed by Enso Energy, have a total installed capacity of 360MW across both solar PV and BESS projects - with a further pipeline of projects earmarked for this portfolio. The portfolio includes the Bramley Project (115MW co-located solar and storage) and two other near-term projects with a combined capacity of 245MW of BESS and Solar PV. The financing was structured as a Green Loan, with all three projects achieving alignment with the EU Taxonomy for sustainable activities. This confirms that the projects meet stringent environmental and social criteria and make a demonstrable contribution to climate change mitigation.
Construction is due to commence at the Bramley site in Autumn 2025, bringing together a strong group of industry partners. EDF will provide optimisation for the battery and route-to-market services for the solar PV, LONGi is supplying the solar modules, Sungrow is delivering the battery energy storage systems, and Metlen has been appointed as the engineering, procurement and construction (EPC) contractor with Omexom as grid works contractor. Cero was also advised by EvoInfra (Financial Modelling support) and PMC Treasury (Hedging and Risk Adviser).
Marta Martinez Queimadelos, CEO of Cero Generation, said: “This milestone reflects our continued commitment to UK solar and our ambition to deliver projects that meet the highest environmental standards, including EU Taxonomy alignment. We are proud to be working with such experienced partners across development, financing, and delivery, and we thank them for their critical contributions to these projects. Together, we are accelerating the transition to a more sustainable and resilient energy system.”
Bill Rees, Managing Director at Enso Energy said: "The UK urgently needs flexible, clean energy infrastructure, and this portfolio - totalling 360MW of co-located solar and storage - represents a major step forward. It’s exciting for us at Enso Energy to see these sites that we developed reach this important milestone. It shows what’s possible when you combine deep development expertise with a shared commitment to sustainability, community benefit and technical ambition.”
CMS’s advice was led by Energy Finance partner Nicholas Ross-McCall, and Energy & Climate Change partners Louise Dalton (advising on the revenue arrangements) and Phil Duffield (on the construction arrangements).
Nicholas Ross-McCall comments: “We are delighted to advise Cero Generation on all aspects of this portfolio co-location project financing, one of the first in the market to date, and to support sustainable power generation and grid resilience in the UK. The deal showcases CMS’ expertise in both the development of bespoke project documents and the project financing of co-location projects.”
Louise Dalton adds: “This transaction demonstrates the growing maturity and innovation within the UK renewables sector, particularly in the integration of solar and battery storage technologies. We are proud to have played a role in supporting Cero Generation and its partners as they deliver infrastructure that will help drive the UK’s transition to net zero.”
Phil Duffield said: “After a slow period of growth for the UK solar sector, transactions like this prove that new developments are viable and attractive to lenders, particularly when co-located with battery assets and delivered at scale.”
