Watson Farley & Williams (“WFW”) advised Nord L/B on the £52.5m financing of two synchronous condenser units being developed by Pulse Clean Energy.
Located in Upper Boat, Pontypridd, South Wales, the synchronous condensers form part of the UK National Energy System Operator’s Pathfinder 3 programme, with the first of the two expected to be operational by Q4 2026.
As fossil fuel generation is phased out, synchronous condensers will become increasingly important for grid stability, supplying inertia once provided by thermal plants, without the associated emissions.
Pulse Clean Energy is a leading developer of battery storage and grid stability infrastructure in the UK, with a planned operational capacity of over 2 GWh by 2030.
Nord L/B is one of Germany’s leading commercial banks with a focus on energy, infrastructure, aircraft and commercial real estate finance.
The WFW London Energy team that advised the lender was led by Projects Partner Jennifer Charles, supported by Senior Associate George Garthwaite and Associate Ellen Mackie. Specialist project development and regulatory advice was provided by Partners Emmanuel Ninos and Jean-Pascal Boutin and Senior Associate James Ballantyne. Partner John Rosmini and Associate Hamish Ungless advised on real estate and planning matters.
Jennifer commented: “We are delighted to have supported Nord L/B and Pulse Clean Energy on the financing of these two synchronous condensers. This transaction supports the delivery of essential critical infrastructure for grid stability in Great Britain and will help facilitate the integration of renewable energy and battery storage into our electricity system. Successfully closing this financing reflects WFW’s strong track record in advising clients on complex, innovative projects that are at the forefront of the energy transition”.
