Global law firm Norton Rose Fulbright has advised specialist investment manager AMP Capital in relation to its £37 million mezzanine loan as part of the £284 million refinancing of a 101MW portfolio of 33 operational UK solar projects, owned and operated by Lightsource Renewable Energy Holdings Limited (Lightsource). The transaction closed on 4 November 2015 and follows another recent financing for Lightsource, on which the firm also advised. The two transactions total approximately £380 million in value.
Lightsource is a leading solar energy company in Europe and the largest developer, asset manager and operator of utility scale solar in the UK, currently managing an operational portfolio of more than one gigawatt - capable of generating enough to power more than 330,000 UK households each year.
The Norton Rose Fulbright team was led by partner Tomas Gärdfors assisted by senior associates Ann Vesely and Hannah Logan, associates Nao Yoshida and Nazli Okusluk, trainee solicitors Gabriella Denlew and Imogen Lowe, and partner Matthew Hodkin on tax issues.
Tomas Gärdfors, partner, comments:
“These two transactions clearly demonstrate the strength and attractiveness of the UK solar market as a stable investment. We are delighted to have been able to use our sector expertise to work with AMP Capital’s Infrastructure Debt team to develop a flexible financing solution to assist Lightsource as the UK’s largest solar developer.”
The second financing for Lightsource, which closed in October 2015, involved Norton Rose Fulbright advising AMP Capital on a £12 million mezzanine debt facility as part of a £94 million construction financing for a portfolio of 14 ground mounted solar projects in the UK. The Norton Rose Fulbright team was led by Tomas Gärdfors, assisted by senior associate Khalila Meggouh and Hannah Logan, associate Kate Kimpton and trainee solicitors Eleanor Denny and Hridi Chowdhury, and partner Matthew Hodkin on tax issues.
A separate Norton Rose Fulbright team advised Wilmington Trust (London) Limited as Facility Agent and Security Trustee in respect of the two AMP Capital mezzanine financings. The team was led by Jon Ellis and Madhavi Gosavi, assisted by Elizaveta Bazarova and Inga Aryanova.
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