Law firm advises on £110m renewable energy finance deal
A banking and finance team from a Bristol law firm has advised a solar energy specialist on a £110m financial package.
The team from Burges Salmon advised Bluefield Solar on its re-financing, increase and extension of a £110m NatWest term loan.
Additional drawings on the loan will be used for the construction financing of one of the UK’s first CfD solar projects.
Bluefield Solar is an income fund focused on acquiring and managing UK-based renewable energy and storage assets to provide growing dividends for its shareholders whilst furthering the decarbonisation of the energy system.
The financing is secured against the UK-based portfolio of 15 operational solar photovoltaic (‘PV’) plants with a total installed capacity of 64 megawatt peak (‘MWp’), acquired in August 2020 using the original £110m term loan, as well as 75 MWp of PV plants acquired by Bluefield prior to 2020 taking the total portfolio to 139 MWp.
The additional debt of £20m is being used to provide financing for the construction of Yelvertoft, Bluefield’s 48 MWp CfD-backed solar PV project in Northamptonshire, which is Bluefield’s first CfD solar project.
The Burges Salmon team advising Bluefield Solar was led by partner Victoria Allsopp and senior associate Elin Blundell from the firm’s banking and finance team.
Partner Jonathan Eves, senior associate Bethan Penrhyn-Jones and trainee solicitor Will Penfold from the firm’s corporate team, along with energy senior associate Peter Ramsden, also advised on the transaction.
Neil Wood, a partner at Bluefield, said: “We are grateful to the team at Burges Salmon for supporting us on this important transaction, which underpins the construction financing of our first CfD-backed solar PV plant.”
Victoria Allsopp added: “We are delighted that Bluefield has trusted us once again to deliver this significant transaction for them. As always, it was a pleasure to work alongside the Bluefield Solar team on this refinancing.”