Watson Farley & Williams (“WFW”) advised independent French investment management company RGreen Invest on its investment in Pathfinder Clean Energy (“PACE”), through its flagship infrastructure fund, INFRAGREEN V.
This investment will support PACE’s expansion, accelerating UK clean energy asset construction over the next two years with nearly 400 MWp of solar and 200+ MW of battery storage assets whilst advancing its broader clean infrastructure development pipeline including clean data centre projects. Beyond its ready-to-build portfolio, PACE has a global development pipeline of over 3 GW across the UK and international markets.
Building on the strong partnership established with INFRAGREEN V in June 2025, this investment is in the form of a primary bond issuance of €100m in bonds, to which the investors will subscribe. The bonds include the right for RGREEN INVEST to request conversion to equity partner prior to their maturity.
RGREEN INVEST is a Paris-based, B Corp-certified investment manager with over 15 years of experience in energy transition financing across Europe. Since inception, it has supported 5,000+ projects and managed over €3.6bn of investments.
Founded in 2017, PACE is a clean infrastructure developer and investor operating across the UK, continental Europe, Canada and New Zealand. It brings together expertise in energy generation, storage and data connectivity.
The cross-border WFW Energy team that advised RGREEN INVEST was led by London Projects Partner Daisy East, supported by Senior Associates Phoebe Makin, James Fryer and Emily Lamberto and Associate Hayley Rowcliffe. Partner Simon Ovenden and Associates Chris Madoc-Jones and Alexander Belsey advised on the bond aspects of the transaction. Partner Mark Tooke, Senior Associate Clemetine Freeth and Associates Jonathan Ford and Zac Goodwill provided corporate expertise. Partner John Rosmini, Senior Associate Cole Tennent-Fry and Associates Emily Harper and Mia Langston advised on real estate matters. Employment advice was provided by Partner Anna Robinson, with Partner Nick Walker and Associate Hamish Ungless advising on regulatory matters and Partner Richard Stephens and Associate Pip Moss on the tax aspects of the transaction.
Paris Partner Guillaume Pouyet advised on French corporate law matters, supported by Senior Associate Mohamed Douib and Associate Laura Carpentier, while Partner Romain Girtanner, assisted by Senior Associate Rym Bouaziz, advised on the French tax aspects of the transaction.
Daisy commented: “We are delighted to have advised RGREEN INVEST on this significant investment in PACE. This transaction represents an innovative approach to financing the development of renewable energy infrastructure and will support PACE’s continued growth across its portfolio. It also highlights the increasing importance of flexible capital solutions in accelerating the European energy transition. We are pleased to have worked alongside RGREEN INVEST and the wider advisory team to help bring this landmark investment to fruition”.
