FRP supports sale of Bedford-based energy plant
Friday July 9, 2021
Energy site sold out of administration
We’re pleased to have supported the sale of a battery storage energy site, which provides electricity to the National Grid when demand spikes, out of administration.
The site, which is based in Bedford, has been sold to Conrad Energy, a full-service independent power producer. The sale completed after the site secured entry into Dynamic Containment – a ground-breaking new technology designed to contain and manage energy levels during demand peaks – whilst in administration.
Dynamic Containment is a system designed to deploy energy quickly following any significant changes in frequency deviation. Only 12 companies have been appointed by the National Grid to provide this type of energy service due to its complex technical and reporting requirements.
Jason Baker, Restructuring Advisory Partner at FRP and Joint Administrator, said: “We’ve been working closely with a specialist team to review the battery site since we were appointed, and are pleased to have been able to secure a purchaser so quickly. It’s also a huge coup to see that the battery site has been given the green light to adopt Dynamic Containment to support the National Grid, and we wish the new owners well as they take the site forward.”
Steven Hardman, Managing Director of Conrad Energy, added: “Battery storage has a growing role to play in supporting the grid network and creating future-fit power infrastructure for the UK.
“This exciting acquisition reflects our vision for Conrad Energy as a full-service power solutions provider, leveraging the expertise of our growing team to support both the grid as well as commercial and industrial customers. Storage projects complement our flexible generation fleet as both provide essential support for increasing levels of renewable power.”
Throughout the administration the site remained operational thanks to our team working closely with independent optimiser Habitat Energy, engineering procurement and construction (EPC), and operation and maintenance support (O&M) provider Smith Brothers (Contracting) Limited.
TK Law provided day to day operational, management and legal advice to our team. Walker Morris LLP also provided legal advice throughout.
We’ve been working closely with a specialist team to review the development site since we were appointed, and are pleased to have been able to secure a purchaser so quickly.Jason Baker Restructuring Advisory