Arcus Infrastructure Partners’ Acquisition of Horizon Energy Infrastructure

In UK Herbert Smith Freehills, advised on the matter.

Herbert Smith Freehills advised HSBC, NordLB, Santander, SEB, Shinsei Bank, Limited, Siemens, Société Générale with a team including Nick Rutter (Finance), David Wyles (Picture – Finance).

Horizon Energy Infrastructure (HEI), a UK-based smart metering asset provider, has been acquired by Arcus Infrastructure Partners (Arcus).

The lending group consists of HSBC, NordLB, Santander, SEB, Shinsei, Siemens and Société Generale. 

The new facilities, which have been issued under HEI’s green financing framework, consist of a flexible, revolving senior facility, a working capital facility and a debt service reserve facility, with a combined value of c.£350 million. The refinancing was completed on 30 May 2022.

Since its acquisition by Arcus in November 2019, HEI has grown its installed smart meter asset base from c.400,000 meters to c.1 million meters today. The new debt facilities will allow the company to continue its growth trajectory by funding the purchase and installation of new meters for its key energy supplier customers.

The Herbert Smith Freehills team was led by London finance partner David Wyles (Picture), supported by senior associate Charlotte Whight, associates Angad Rekhi and Thomas Eldred, and trainee Max Howard. Nick Rutter and James Telford advised on hedging and a separate Herbert Smith Freehills team led by finance partner Heather Culshaw and supported by associate Will Beynon advised the outgoing lenders.

Involved fees earner: Thomas Eldred – Herbert Smith Freehills; Angad Rekhi – Herbert Smith Freehills; Nick Rutter – Herbert Smith Freehills; James Telford – Herbert Smith Freehills; Charlotte Whight – Herbert Smith Freehills; David Wyles – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: HSBC; NordLB; Santander; SEB; Shinsei Bank, Limited; Siemens; Société Générale;

Author: Giulia Di Palma