The Energy & Infrastructure Finance team at Wragge Lawrence Graham & Co has advised Ecotricity on the refinancing of a portfolio of 19 operational wind and solar assets worth £70 million. The investment from Aviva Annuity UK Limited replaces financing from two of Ecotricity's long-standing finance providers.
Partner Kieron Dwyer, head of International Energy at Wragge Lawrence Graham & Co, said: "We were pleased to assist one of the UK's major renewable developers on such an important refinancing within its portfolio. Investment in this sector from institutional investors continues to grow and our sector-focused experts have the insight and commercial skills to help clients quickly and effectively unlock funding."
Kieron Dwyer and principal associate James Bruce led the deal, with assistance from associate Claudine Raffray and senior associate James Stanier. They worked closely with Ecotricity's legal team, which was led by General Counsel Tom Cowling with support from Miles Dearden and corporate finance consultant Mike Humphreys.
TLT LLP, led by partner and head of Energy and Renewables Maria Connolly, advised Ecotricity on matters including the corporate and the property aspects of the deal arising from dealing with multiple operational projects. Aviva was advised by Pinsent Masons.
Tom Cowling added: "Ecotricity was the world's first supplier of green electricity. Some of the assets we re-financed in this deal date back to the very beginning of the UK onshore industry and this, in turn, raised certain practical and legal challenges. The decision to split the external legal work between Wragge Lawrence Graham and TLT LLP paid off in terms of expertise and costs. Both firms worked well together and with my team, and both added value to the deal."
Wragge Lawrence Graham & Co 70-strong Energy team has an industry-leading reputation in UK and international energy transactions, structured financing, regulation, transactional energy work and energy trading. Named 'Firm of the Year' in the regional 'Projects, energy and natural resources' category in Legal 500 2013, it is well-known for providing clients with innovative solutions and delivering outstanding client service.
In the past few months it has advised on a number of other significant renewables projects, including supporting Primrose Solar on a 104 MW transaction with EDF Energy. Previously the team has worked with Primrose on two refinancing deals worth £60 million and a number of solar farm acquisitions. Other highlights include advising on the UK's largest-ever solar bond deal and on the £12 million sale of Carron Energy.
Ecotricity is a leading renewable energy company, specialising in selling green energy to consumers and businesses which is primarily generated from its wind power portfolio. Based in Stroud, Gloucestershire, the company celebrated its 20th anniversary in 2015 and in the year ending 2013 recorded 53 windmills installed and more than 75,000 homes supplied with its green electricity.
