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WFW advises lenders on £230m financing facility for Low Carbon

Dawn Jackson
By Dawn Jackson

Watson Farley & Williams (“WFW”) has advised Lloyds Bank, NatWest and Allied Irish Bank acting as lenders on an innovative £230m finance facility granted to Low Carbon to create 1 GW of solar PV capacity.

The financing will enable the development of multiple large-scale renewable energy and storage projects, including the construction of 500 MW of new solar PV capacity across 17 assets in the UK and Netherlands. These projects will create at least 1 GW of capacity with the potential to power over 360,000 homes and eliminate 308,000 tonnes of CO2e.

Low Carbon is a leading renewable energy investment and asset management company committed to the development and operation of renewable energy at scale. It invests in a wide range of both renewable energy developers and projects including wind, energy storage, waste-to-energy and energy efficiency.

The WFW London Project Finance team that advised the lenders was led by Partners Julian Nichol, Henry Stewart and Jennifer Charles. They were assisted by Associates Suki Rees and George Garthwaite and Trainee Michelle Rance. Associate Kristina Buckberry provided hedging advice.

Jennifer commented: “We are pleased to have advised the lenders on this innovative financing that allows for a large initial capital injection and a flexible accordion feature allowing for a further £200m to be raised as needed. This structure provides Low Carbon with great flexibility to develop and manage its international project pipeline at a time where the rapid deployment of renewable energy is crucial”.

Low Carbon was advised by Ashurst.

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