Energy lawyers at national firm Bond Dickinson have advised long-standing client RES, one of the world's leading renewable energy developers, on a £28.3 million financing deal for two onshore wind farms.
The deal, agreed with international projects and export finance bank KfW IPEX-Bank GmbH, takes the form of 15-year term loans funding the Tallentire Hill Wind Farm, a 12MW, 6 turbine wind farm in Cumbria, England, and the Meikle Carewe Wind Farm, a 10.2MW, 12 turbine wind farm in Aberdeenshire, Scotland.
Banking Partner Graham Jeffries led the team who advised RES on this deal. The team also included Energy Partner Sebastian Briggs and Senior Associates Stephen Ryde-Weller and Mark Brady.
Graham commented: “We are delighted to have advised RES on this financing deal. The industry faces deep uncertainty following the announcement of cuts of subsidies for onshore wind farms. This deal is a clear sign that investment can still be secured for viable projects in the UK.”
The transaction is one of a number of high profile renewable energy financings the Bond Dickinson team has advised on in 2013. These included the sale of 18 renewable projects funded by a £300m IPO for RES and InfraRed Capital Partners Limited.