TLT has advised Triodos Bank, one of the leading community energy lenders in the UK, on its £2.5 million funding for the construction and operation of a 4.2MW solar park at Lawrence Weston, Bristol.
This solar park is one of a number of Bristol Energy Cooperative's community energy projects. Triodos Bank's funding, along with funding from Bristol City Council and Social and Sustainable Capital LLP, has contributed to the £9 million total raised by Bristol Energy Co-operative for the development of community energy projects since last November.
Once commissioned, these projects will add 9.3 MW of community-owned solar generation capacity to the UK’s grid, generating 8,830MWh per year - the equivalent to powering approximately 2,400 homes.
The TLT team included banking partner, Gary Roscoe; commercial partner, Neel Mehta; commercial legal director, Stuart Urquhart; real estate associate, Matthew Grimwood; banking solicitor, Emily Topham; and commercial solicitor Andrew Russell.
TLT's Gary Roscoe said: "Triodos Bank's funding has bolstered and helped sustain Bristol Energy Co-operative's investment in the local community. Not only does this further enhance Bristol's reputation as being at the forefront of renewable energy but it shows UK-wide investors that the sector continues to be a commercially viable option.
"As is often the case with energy & renewables projects, we had to work closely with our client to deliver to tight deadlines, especially to ensure that the developer could start construction to meet the target commissioning date of June 2016 to secure the higher rate Feed-in-Tariff."
Philip Bazin, Environment Team Manager at Triodos Bank said: "As one of the leading community energy lenders in the UK, we are proud to have provided loan finance for this ground-breaking sustainable development working closely with TLT, and we want to thank them for their support throughout. Not only will the project help contribute to renewable energy production in the UK, but it will create much needed social investment in the local area.
"This scheme will allow the community to shape its own long-term future and we are delighted to be supporting Mongoose Energy, Bristol Energy Co-op and Bristol City Council."
This latest deal builds on TLT’s expertise within the solar market. To date the team has been involved in getting over 2GW of solar projects either in the pipeline, contracted or built across all three UK jurisdictions.