Watson Farley & Williams (“WFW”) advised three syndicates of lenders on a £646m capital refinancing for Low Carbon. The transaction was concurrent with CVC DIF’s acquisition of a majority stake in the company.
The refinancing package includes a £210m holdco facility, with an accordion option to increase to £400m, and a senior versatile platform refinancing of approximately £436m with a package of derivative options. The holdco facility provides Low Carbon with increased flexibility on its financed and unfinanced projects using a ‘borrowing base’ principle, enabling it to bring new assets into its portfolio.
Low Carbon is a leading renewable investment firm embracing proven technology including solar, wind, waste-to-energy and battery storage.
CVC DIF is an infrastructure fund managed by CVC, a leading global private markets manager with €19bn AUM.
The WFW London Energy team that advised the senior lenders was led by Projects Partner Jennifer Charles, supported by Senior Associate Gavin Jackson, Associates Tom Harvey and Hayley Rowcliffe and Trainee Aditya Ashok. Projects Partner Daisy East and Associates Tara Goalen and Kate Clancy advised on the refinanced senior facility. Hedging expertise was provided by Financial Markets and Products Partner Rob McBride and Associate Kristina Buckberry. Real Estate Partner John Rosmini, Senior Associate James Fryer and Associates Elizabeth Gillespie and Hamish Ungless advised on due diligence matters.
WFW Global Energy Sector Head and Projects Partner Henry Stewart advised on the holdco facility, supported by Counsel James Harrison, Associates Esteira Hiwaizi, James Fitzjohn and Georgina Somers and Trainee Sam Gunnewicht.
Jennifer commented: “We’re delighted to have advised the lenders and assisted Low Carbon with this substantial investment for its continued growth. A transaction of this value underscores the vital role of companies like Low Carbon in advancing the UK’s energy transition as well as WFW’s unrivalled expertise advising on big-ticket transactions in the renewables space”.
Henry added: “We are pleased to have advised the lenders on another holdco financing in the renewables space”.
