Berwin Leighton Paisner (BLP) has advised Golden Square Energy (GSE), a joint venture between Ingenious Clean Energy and AGR Renewables, on the long term refinancing of a portfolio of 18 single turbine onshore wind projects.

BLP advised GSE on the full suite of debt and security documents as well as providing certificates of title on key project sites.

One of the largest wind portfolios in the UK, the turbines benefit from the government’s Feed-In-Tariff (FiT) programme, promoting the uptake of medium-scale renewable and low-carbon electricity generation technologies for the next 20 years and creating a strong revenue stream to support highly leveraged debt solutions.

Financing for 10 more assets is also expected to be agreed by the end of 2015 which would make this the market leading financing transaction of a FiT wind portfolio in the UK.

Kiran Arora, energy and infrastructure Partner, BLP commented: “This transaction demonstrates the attractiveness of UK renewables assets in the global project finance market. We ensured that the structure provides for the incremental accession of additional assets as they become suitable for such a debt product. This gives our clients flexibility as well as excellent value for money.”

Baiju Devani, Head of commercial management at GSE commented “It was excellent to work with BLP on this long term financing of our Feed-In-Tariff Wind portfolio. We look forward to working together in order to meet our ambition of growing our portfolio to over £100m of asset value over the coming year.”

The BLP team was led by partner Kiran Arora working closely with associate director Isabelle Laborde, associates Gavin Doyle, Emily Mackenzie and Melissa Gamble and trainees Regina Chan and Firas Albani.