The Energy & Infrastructure Finance team at Wragge Lawrence Graham & Co has advised longstanding client Primrose Solar on two inflation-linked financings from a major institutional investor for five solar parks worth £60 million. The developments have an overall energy production capacity of about 80MW.
The first deal, which closed early October 2014, concerned the £29 million refinancing of four solar parks. The operational sites are in Glamorgan, Norfolk and Dorset and have a combined capacity of about 39MW. The second transaction related to the £31 million financing of the 41MW Canworthy Water project in Cornwall which was connected to the grid in December 2014 and is understood to be one of the largest solar parks in the UK.
Partner Kieron Dwyer, head of International Energy at Wragge Lawrence Graham & Co, said: "We are delighted to have closed two innovative financing deals for a major renewables developer. Solar continues to be a hot topic as developers try to maximise capacity prior to the regulation relating to Renewable Obligation Certificates (ROCs) changing in 2015 and we are very pleased to have assisted in facilitating lending from a renowned institutional investor for these exciting projects."
Kieron Dwyer and principal associate Erika Pircher-Eschig led on the financings, with assistance from associate Claudine Raffray. Erika noted that: "The complexity of the deals required a large, cross-sector team working on various aspects of the two transactions."
Partners Daniel Wood and Paul Green advised on construction matters, while director Graham Wrigglesworth worked on planning issues. The real estate aspects were handled by partner Lee McBride, director Joe Morris and associate Gary Parmley. Corporate law advice was provided by director Gareth Baker and senior associate Victoria Hirst.
The team negotiated all the finance documents and provided significant support to Primrose Solar in connection with the lender's due diligence process.
Primrose Solar CEO Giles Clark added: "The Wragge Lawrence Graham & Co team continues to provide us with innovative advice. Experts from around the firm, including corporate, construction and real estate lawyers worked seamlessly to ensure the successful close on these deals. They have been with us every step of the way, from acquisition through to construction and financing."
The deals follow the firm's work advising Primrose Solar on the acquisition of these sites earlier in 2014.
Norton Rose Fulbright acted for the lenders, M&G Investment Management Limited.
The 70-strong Energy team, named 'firm of the year' in the regional 'Projects, energy and natural resources' category in Legal 500 2013 has industry-leading reputation in UK and international energy transactions, structured financing, regulation, transactional energy work and energy trading.
