PwC Corporate Finance advises Frontier Power on its £159m strategic LDES partnership with Cerberus Capital Management
November 2025
PwC’s Corporate Finance team is pleased to announce the signing of a landmark strategic partnership between Frontier Power Limited (“Frontier Power”) and an affiliate of Cerberus Capital Management, L.P. (“Cerberus”). PwC acted as exclusive financial adviser to Frontier Power on the transaction.
The partnership will provide up to £159m of capital for the continued development of the joint venture’s long duration energy storage (“LDES”) projects. These projects will deploy Zinc-Bromine and Vanadium flow batteries, marking a first-of-its-kind transaction showcasing both technologies at significant scale.
This will combine Frontier’s technical and regulatory expertise with Cerberus’ experience as an established, global infrastructure investor. The platform will build on Frontier’s 20 GWh LDES projects submitted under the UK’s Cap and Floor regime, following the company’s recent success in securing eligibility for all projects in the portfolio.
“We are delighted to have achieved this important milestone for Frontier Power, which positions us at the forefront of LDES development in the UK. Together with Cerberus, we are now set to scale our LDES platform and build the next generation of energy storage assets to support the UK’s electricity network. We are extremely grateful for the support and dedication we have received from PwC every step throughout this process. Their clarity of thought, commercial judgement, responsiveness, and willingness to go the extra mile made a real difference in achieving an excellent outcome.”
“We are also extremely pleased to see Frontier Power successfully sign this transaction with Cerberus. We are excited to see the success of this partnership unfold as Frontier Power delivers critical infrastructure that will bolster the UK’s transition to a net zero energy system. We are proud to have played a role in this transaction advising Frontier Power. This first-of-a-kind deal is at the forefront of the UK’s Long Duration Energy Storage market.”
Frontier Power
Established in 2009, Frontier Power is a UK-based energy infrastructure developer with a proven track record in delivering complex regulated assets. Frontier Power’s experience includes delivering UK OFTOs and the £2.7bn NeuConnect interconnector. The business has recently expanded and established itself as a leading global LDES platform, integrating advanced non-lithium battery technologies to address grid intermittency and enable dispatchable clean energy.
Cerberus Capital Management
Cerberus is a global alternative investment firm with more than $65 billion in assets under management across credit, private equity, and real estate strategies. The firm has a long-standing record of partnering with businesses to drive long-term value and performance.
The UK Corporate Finance engagement team was led by Jonathan Massam (Partner), Robert Senger (Director), David MacGray (Director) and Nitin Premchandani (Director), supported by Sam Arts (Manager), Angus Sharp (Senior Associate), Pete Bowles (Senior Associate), James Palles-Clark (Senior Associate) and Fynn Havinga (Senior Associate).
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