TLT has advised Blackfinch Investments on its acquisition of a 6.4MW 1ROC accredited wind project in Scotland. TLT also advised Santander who provided project finance to part-fund the deal.
Blackfinch has over 25 years in fund management with a strong background in renewable energy investment and is looking to expand its portfolio as the renewable energy market continues to evolve and deliver strong returns for investors.
Santander offers clean energy investors project finance debt solutions for a range of renewable energy projects in the UK and globally. In January 2018, TLT announced it had advised Santander on the UK's first debt funding facility for energy storage worth £28.5m.
The TLT team was led by Adam Kean and Nick Rains in corporate and Gary Roscoe and Emily Huish in banking, alongside Richard Turnbull and Laura Blyth in real estate (Scotland), Katherine Evans in planning and environment, Nick Pincott and Andrew Russell in projects, infrastructure and construction, and Stuart Urquhart in offtake and regulation.
Guy Lavarack, investment director at Blackfinch Investments, says: "Renewable energy continues to be a growth area for us. This was a significant deal in terms of the scale of the project and the opportunity for our clients, and we are grateful to TLT for their expert knowledge and support from drafting the relevant materials to co-ordinating the transaction."
Mark Cumbo, director, renewable energy at Santander UK Corporate and Commercial, says: "We are excited to work with TLT once again, and support Blackfinch with this significant wind project in Scotland. This represents the fifth renewable energy transaction which we have supported Blackfinch on and we are delighted to continue to build on this strong relationship and demonstrate our capability in financing mid-market renewable energy projects.”
Adam Kean, associate at TLT, says: "The clean energy sector in Scotland is still in a transitional period following the removal of subsidies. However, there are still investment opportunities around for commissioned ROC projects and we expect to see an increasing interest in new technologies like energy storage, energy efficiency and electric vehicles."
TLT published its Clean Energy Investment Trends 2018 report in May, which revealed a 42% reduction in the number of project finance deals for onshore wind in 2017 and a 62% reduction in deal values. Click here to download a free copy.