Ecotricity has just completed a significant refinancing of its existing portfolio of wind and solar projects, raising just short of £70m to accelerate the development of its pipeline of renewables projects across the UK as part of its long-term commitment to the UK's renewables industry. TLT advised on the deal.
Ecotricity, one of the UK’s largest renewable energy companies, has secured its new funding from leading institutional investor, Aviva. The complex deal involved the refinancing of 19 operational wind and solar energy sites of varying ages. Ecotricity was a pioneer in developing commercial scale wind farms in the UK and its earliest project, included in the Aviva deal, dates back to 1996.
Ecotricity's general counsel Tom Cowling and corporate finance consultant, Mike Humphreys played a key role in structuring the deal for Ecotricity and developing the relationship with Aviva who were led by Laurence Monnier and Elizabeth Lutley.
Huge effort was put in by Ecotricity legal counsel, Miles Dearden over a period of many months in reviewing and agreeing the many hundreds of documents relating to the portfolio of projects.
Ecotricity were advised on the deal by TLT, led by partner and head of Energy & Renewables Maria Connolly and associate Stuart Urquhart, and by Wragges Lawrence Graham, led by head of International Energy partner Kieron Dwyer. Pinsent Masons acted for Aviva.
Tom Cowling of Ecotricity, said: "We are pleased to have the opportunity to work with Aviva, a leading British institutional investor in securing vital funding for our project pipeline. This was a complex matter – legally and practically – and the decision to split the external work between two law firms paid off. Both worked well together and both added value.”
TLT’s Maria Connolly said: "This deal marks an exciting time for Ecotricity and the wider UK renewables industry. Yes it was complex due to the number of sites and the fact that Ecotricity’s assets go back for a number of years. But working closely with our long-standing client and a number of third parties, we were able to give expert commercial advice at every step of the way. From preparing certificates of title, answering due diligence queries on all 17 sites, to advising on the release of the financing arrangements and introducing new facilities."