CMS has advised the shareholders of Penso Power, a pioneer in grid-scale energy storage since 2017, on the sale of their controlling interest in Penso Power to global energy storage owner-operator, BW ESS. BW ESS was already the largest shareholder in the company and the transaction will also see the founders of Penso Power become shareholders and members of the senior management team of the newly combined entity.
Operating as BW ESS, the company will combine world-class engineering, project delivery, commercial and business development capabilities to unlock the value of utility-scale energy storage globally. With a team of nearly 30 energy storage specialists, BW ESS will cover all stages of project development, deployment and operation, maintaining a long-term investment perspective as an owner-operator.
Already holding operational assets in Sweden and over 1GWh of projects under construction in the UK, Sweden, and Australia, the transaction grows BW ESS’ portfolio with the addition of Penso Power’s UK and Australian pipeline of more than 2GW. The combined entity now holds a pipeline of approximately 5GW across a range of territories.
The CMS team was led by Corporate partner Alasdair Steele and included Jennifer Bass (senior associate) and Yee Rou Quah (associate) (Corporate), Cathy Merry (partner), Cathy Wears (of counsel) and Mala Patel (associate) (Share Incentives).
