29 October – LAWFUEL – The Law News Network – Renewable Energy Systems’ portfolio financing, which concluded earlier this year, demonstrated its flexibility this week with the successful inclusion of the first expansion project to their existing structure.
Blackhill Wind Farm, a £29 million, 28.6 MW wind farm near Dunns, Berwickshire in Scotland developed by Renewable Energy Systems, acceded this week to the Astraeus portfolio structure under the pre-agreed expansion provisions. The expansion provisions provide for the asset to be cross-collateralised with the existing financed portfolio, but on separately agreed debt terms. The additional debt tranche was taken up by the existing banks.
Green Energy Group Head, John Pickett, who led the Linklaters team said;
“The pre-agreed criteria and documentation allowed the transaction to be completed efficiently and cost effectively for sponsors without compromising lender due diligence or tying either side into pre-determined pricing. This is a demonstrably successful model which we expect to see replicated elsewhere in the market.”
The full Linklaters team included Clive Ransome, John Pickett, Nina Howell, Mark Barges and Adam Cowan.
