DLA Piper has advised Lloyds Bank plc, HSBC Equipment Finance and NIBC Bank NV on the £100 million financing of a portfolio of gas fuelled power stations owned by Green Frog Power.

The funding refinances 15 operational sites benefiting from capacity market contracts and provides additional development funding for 11 new sites to be built across the UK, from Plymouth to Newcastle. The £100 million facility also has an additional £50 million ‘accordion’ that allows for the funding and construction of another 110MW of plant.

The power stations are capable of going from standby to full output within five minutes and once online will therefore help ensure the UK’s energy resilience, allowing renewable sources to contribute more power to the grid.

The DLA Piper Leeds-based team was led by Finance & Projects legal director, Laura Gordon, assisted by senior associates Robert Cockburn and Amy Bowers, associates Sophie Buchanan-Brown, Emma Whitfield and Sophie Linnell and trainee Alexandra Smyllie. Real Estate partner Andrew Clarke and his team advised on property aspects of the transaction.

Legal director Laura Gordon said: "The role of flexible generation in balancing supply and demand is increasingly important in the changing energy market. We are delighted to have helped our clients to successfully deliver the funding for this portfolio."

Green Frog Power were advised by law firm Osborne Clarke (led by Andrew Normington) and Rothschild (led by Chris Arnold) as financial adviser.