Global law firm Ashurst has advised Low Carbon on an innovative finance facility with three leading commercial banks, NatWest, Lloyds Bank and Allied Irish Banks.
The senior debt facility will enable the construction of large-scale renewable energy projects in the UK and the Netherlands. It is anticipated the projects will result in the creation of at least 1GW of capacity, with the potential to power more than 360,000 homes and avoid 308,000 tonnes of CO2e.
It is estimated an initial £230 million will be injected into Low Carbon's growing portfolio to support the construction of 500MW of new solar PV capacity across 17 assets in the Netherlands and the UK. Further investment will follow as the facility's accordion feature provides the ability to raise an additional £200m taking the total of solar PV capacity in construction to 1GW.
The Ashurst team was led by partners Antony Skinner and Patrick Boyle, supported by senior associates Lindsey Bouchara, Ffion Archer and associates Alice Rosenshaw and Phoebe Makin.
Commenting on the announcement, partner Patrick Boyle said: "We are delighted to have had the opportunity to apply our expertise and experience in project finance in assisting Low Carbon on this senior debt facility. The initial projects, providing consumers in the UK and the Netherlands with clean, affordable energy, is one of the many steps crucial to achieving net zero and slowing the pace of climate change."
NatWest, Lloyds Bank and Allied Irish Banks were advised by Watson Farley & Williams LLP.
