Press Release
31 August 2007
McGrigors advises Ecotricity on UK wind farm debt facility
UK law firm McGrigors LLP has advised Independent UK utility Ecotricity on a £32 million senior debt facility with German bank NordLB, which was the Sole Mandated Lead Arranger. Ecotricity's financial advisers were KPMG. The facility will enable Ecotricity to more than double its wind energy capacity.
The transaction which is Ecotricity’s first large project financing will provide cash for three wind farm projects and a framework to fund two others, the Shipdham project in Norfolk and a project at Manchester City Football Club, once approved. Ecotricity has already built 11 wind farm projects in the UK. The transaction is Ecotricity's first major project finance transaction. NordLB were appointed as MLA following a competitive process which attracted a lot of interest from banks active in the sector.
Euan McVicar, one of the partners in McGrigors who advised on the transaction said: “We are pleased to have been involved with Ecotricity on this significant transaction which will take Ecotricity into the next phase of its development. The transaction represents our first instruction from the Ecotricity Team with whom we very much enjoyed working. Wind financings are attracting significant interest at the moment and we expect significant deal flow now to be maintained. Our experienced team at McGrigors is ideally positioned to support a variety of energy financings across Europe.”
McGrigors has now advised participants in varying roles on wind farm projects with a combined capacity totalling over 4,000 MW.
For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com