Eversheds Sutherland advises Pulse Clean Energy on £52.5m financing for South Wales synchronous condenser project

The funding from NORD/LB will enable Pulse Clean Energy to progress construction of the Upper Boat synchronous condenser project in South Wales, which sits within NESO’s Pathfinder 3 programme. With construction underway, energisation of the first of two connections is anticipated by late 2026. The transaction also provides Pulse with additional financial capacity to accelerate development across its growing battery energy storage pipeline, supporting the build-out of essential clean energy infrastructure.

The successful completion of this financing strengthens Pulse Clean Energy’s position as a leading UK clean energy infrastructure developer and supports the continued expansion of grid‑stabilising assets critical to the UK’s net zero ambitions.

The cross practice Eversheds Sutherland team was led by Peter Greenall, Partner (Energy and Infrastructure Finance), supported by Timothy Han, Consultant, and Eunice Wong, Associate. The wider team advised throughout the transaction on corporate, real estate, planning, construction, derivatives and regulatory matters, and included Stephen Hill, Partner, and Julia Gawecka, Associate (Corporate); Ben Brown, Partner, and Rob Broom, Senior Associate; Martin Holden, Legal Director, and Jodie Butler, Senior Associate (Real Estate); Karen Mutton, Partner (Planning); Richard Streeter, Partner, and Claire de Joux, Principal Associate (Construction); and Agata Lawrenciow, Associate (Derivatives).

Peter Greenall, Partner, Eversheds Sutherland, commented: "We are delighted to have supported longstanding client Pulse Clean Energy on this important financing. Upper Boat  is a key strategic project for Pulse and will play an important role in maintaining grid stability and inertia. Being instructed on this transaction highlights the depth of Eversheds’ energy and renewables expertise and offering”

Nicola Johnson, Chief Financial Officer of Pulse Clean Energy, added: “The UK’s energy transition requires new infrastructure across every layer of the system, and ultimately that means more affordable, cleaner energy for consumers. We’re proud to be contributing to that, both through delivering assets like Upper Boat and the battery storage projects we’re developing for the years ahead.”