Acquisition of the Stonehill project asset development rights by Stonehill Energy Storage Ltd: notice of final order
Published 14 September 2022
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1. The Secretary of State for Business, Energy and Industrial Strategy (‘the Secretary of State’) has made a final order pursuant to section 26 of the National Security and Investment Act 2021 (‘the Act’), which comes into force at 12pm on 14 September 2022.
2. The Party which is subject to the order is:
i. Stonehill Energy Storage Limited (‘the Acquirer’).
3. The Acquirer proposed to acquire the entirety of development rights for the Stonehill project.
4. This acquisition constitutes a trigger event under section 9(1)(b) of the Act.
5. The order has the effect of mitigating national security risks associated with the acquisition of asset development rights in the Stonehill project by Stonehill Energy Storage Limited.
6. The Secretary of State considers that a risk to national security arises relating to:
i. the security of an important UK electricity asset, and
ii. services provided to the GB National Grid
7. The Secretary of State has imposed two conditions upon the transaction:
i. A requirement on the Acquirer to obtain HMG approval before appointing a power offtake operator; and
ii. A restriction on the sharing of information from the power offtake operator to the Acquirer
8. The Secretary of State considers that the final order is necessary and proportionate to mitigate the risk to national security.