Norton Rose Fulbright has advised IDCM Limited (IDCM) on a listed solar bond issue and placement with Legal & General Investment Management (LGIM) Infrastructure, who acted on behalf of an external institutional investor. The issue date for the listed notes was reached on 5 May 2015.

The proceeds of the bonds, issued through the issuer TRFC 2014-2 plc, were used for the refinancing of construction and development costs incurred in connection with a portfolio of UK PV installations (the Projects). The Projects have a combined capacity of 45.27MW and will generate electricity equivalent to the needs of around 25,000 homes.

Norton Rose Fulbright advised IDCM in connection with listing and subscription documents for the listed notes, as well as the refinancing of the Projects, the notes were placed with LGIM on behalf of an external institutional investor. The team at Norton Rose Fulbright also advised U.S. Bank in connection with its appointment as the trustee for the listed notes.

The team advising IDCM included partner, Tak Matsuda, leading on the capital markets aspects of the transaction, together with counsel Simon Thompson and associate Rhian Davies. Andrew Hedges, partner, advised in relation to the refinancing, together with senior associates Conrad Purcell and Ann Vesely. Farmida Bi, partner, advised U.S. Bank in connection with its role as trustee, together with counsel Kirstin Russell.

Norton Rose Fulbright’s practice is ranked in Tier 1 for Energy & Natural Resources: Renewables & Alternative Energy in the leading legal directory Chambers UK 2015.

Other advisers:

Wragge Lawrence Graham LLP advised Grid Essence, the original sponsor, on the finance, corporate and real estate aspects of the transaction.

Pinsent Masons LLP advised Capital Stage, the incoming sponsor, on the finance and corporate aspects of the transaction.

Clifford Chance LLP advised LGIM on the finance and capital markets aspects of the transaction.