White & Case advises on financing of joint largest battery storage project in Benelux
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Global law firm White & Case LLP has advised ING Belgium NV/SA on a project financing to Nala Renewables, a joint venture between Trafigura Group and IFM Investors, for the development of its Battery Energy Storage System (BESS) at Nyrstar's zinc smelting facility in Balen, Belgium.
"This is the first of many such projects being analysed in Western Europe with the aim of ensuring stable electricity supply and contributing to the critical overall transition to renewable energy for the region," said White & Case partner Carina Radford, who led the Firm's deal team. "Our role advising on it demonstrates the active part White & Case is playing in the wider energy transition story, and our team's ability to successfully finance the innovative technology required to support the transition to a low-carbon economy."
The 100 MWh lithium-ion BESS will be the joint largest in the Benelux region. It will be able to store 25MW for over four hours and will provide stability and balancing services to the Belgian grid, as well as facilitating the consumption of renewable energy production during periods of peak energy demand.
The White & Case team that advised on the transaction included partners Carina Radford (London), Charles McConnell and Jamie Franklin (both Singapore) and associates Miles Tonkin, Paddy Mohen (both London) and Wei Bin Quek (Singapore).
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