Watson Farley & Williams (“WFW”) has advised long-standing client Lightsource bp (“LSbp”) in relation to a US$1.8bn revolving credit facility to be used for its global growth strategy of developing 25 GW of solar energy by 2025.
The facility, which encompasses multiple currencies and trade financing features, provides LSbp with flexible corporate financing across its group to help deliver its strategy in the UK, continental Europe, the Americas and Asia Pacific.
Since its incorporation in 2010, Lightsource has developed over 3.8 GW of solar projects and entered into a joint venture with bp in 2017 to form LSbp. Its continuing growth is expected to create hundreds of new jobs within the company before 2025, as well as ambitious expansion plans for its global portfolio.
The WFW team that advised LSbp was led by Global Energy Sector Co-Head Henry Stewart and Partner Katherine Best, supported by Of Counsel James Harrison, Senior Associate Abraham Knight and Associates Suki Rees and Esteira Hiwaizi. Tax advice was provided by Partner Tom Jarvis.
Henry commented: “We’re delighted to continue to work with LSbp on their exciting global pipeline and strategy. This transaction showcases our team’s ability to advise on the complex requirements of capital structuring, providing the reliable and commercially-orientated support WFW are known for”.