PwC acts as lead financial adviser to DIF Capital Partners on its £200m primary investment in Field Energy, a fast-growing battery storage developer
PwC UK is pleased to announce the completion of DIF Capital Partners’ £200m primary investment in Field Energy, a fast-growing battery storage developer.
The investment will allow Field to accelerate the development and buildout of its 4.5 GWh pipeline of grid-scale battery energy storage projects in the UK and Western Europe as it seeks to contribute to the renewable energy infrastructure needed to reach Net Zero.
Field’s battery energy storage systems allow energy generated during times of lower demand to be stored and released to the grid during times of higher demand.
Field is already operating its first site in the UK, a 20 MWh battery project in Oldham, Greater Manchester. It has another four sites totalling 210 MWh in or near construction in the UK: Newport in South Wales, Blackburn in Lancashire, Gerrards Cross in Buckinghamshire and Auchteraw in the Scottish Highlands.
“We are delighted to have acted for DIF on this investment to support Field’s business. At £200m, this makes the transaction one of the largest private investments in the UK battery storage market to date. The energy transition is critically important and we look forward to seeing the success of this partnership as DIF supports Field to grow.”
“DIF’s investment in Field is the latest example of our Energy, Utilities, Resources and Infrastructure team's deep market-leading expertise in the Energy Transition sector and builds on other recently completed deals including the sale of Hanwha Energy's 200MW of operational grid-scale storage in the Republic of Ireland. Energy Transition offers the opportunity of a generation to invest in a sustainable future and we anticipate continued interest and robust deal volumes. We are excited to play our part in this growing market.”
DIF Capital Partners
DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 16 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.
DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.
With a team of over 225 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.
Field
Field develops, builds and operates the renewable infrastructure we need to reach net zero, starting with battery storage. Their battery storage sites provide clean energy when and where it’s needed most.
This creates a more reliable, flexible and greener energy system that provides greater energy security and helps countries across Europe move on from expensive fossil fuels.
In the UK, their portfolio of battery sites are already helping to decarbonise the electricity grid, and they are already developing further projects across Europe.
PwC
The Lead Advisory deal team was led by James Pincus, Jonathan Massam, Jill Shaw and Robert Senger.
PwC UK also provided financial due diligence and tax services.
If you would like to discuss the energy transition and infrastructure M&A market then please contact James Pincus, Jonathan Massam, Jill Shaw or Robert Senger.
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Partner, Corporate Finance, PwC United Kingdom
Partner, Corporate Finance, PwC United Kingdom
