Privilege Finance’s £90 Million Secured Debt Facilities From Investec Bank

In UK Burges Salmon, advised on the matter.

Burges Salmon advised Investec Bank Plc with a team including Jonathan Eves (Corporate M&A), Graham Soar (Picture – Finance), Nick Churchward (Project), Ian Carnochan (Tax Finance).

Investec has made available an initial £32 million to finance Privilege’s financing of three separate AD projects, with the facilities capable of being increased to £90 million. The funding from Investec means that Privilege Finance will be able to refinance operational projects onto commercially favourable terms after the initial project finance phase, and Privilege Finance will be able to redeploy funds to invest in additional renewable energy or carbon reduction projects.

Launched in 2001, Privilege Finance provides specialist funding and project finance to the UK renewable energy sector. The AD sector plays a significant role in the wider decarbonisation of the UK’s energy supply chain, both as part of the government’s Net Zero obligations and its post-COVID Green Recovery commitments. To-date, Privilege Finance has deployed more than £500 million to finance the construction of 40 AD facilities, generating a combination of renewable electricity, heat, and biomethane and producing more than 3.5 GW of energy per day.

Burges Salmon partners Graham Soar (Picture – Banking and Finance) and Nick Churchward (Projects) led the cross-firm, multi-jurisdictional team that advised on the transaction. They were supported by a range of energy and infrastructure sector specialists from the firm’s Banking and Finance, Corporate, Real Estate, Tax and Construction teams including Alison Logan, Stephen Lavington, Lachlan Doyle, Luke Addison, Euan Bremner, Jonathan Eves, Ian Carnochan, Christopher Herford, Craig Bruce, Isaac Paine, Ewan Gadsden, Claire Batty, Rebecca Rose, and Alexander Wilson.

Involved fees earner: Luke Addison – Burges Salmon; Claire Batty – Burges Salmon; Euan Bremner – Burges Salmon; Craig Bruce – Burges Salmon; Ian Carnochan – Burges Salmon; Nick Churchward – Burges Salmon; Lachlan Doyle – Burges Salmon; Jonathan Eves – Burges Salmon; Christopher Herford – Burges Salmon; Stephen Lavington – Burges Salmon; Alison Logan – Burges Salmon; Isaac Paine – Burges Salmon; Graham Soar – Burges Salmon;

Law Firms: Burges Salmon;

Clients: Investec Bank Plc;

Author: Giulia Di Palma