Norton Rose Fulbright has advised Hastings Funds Management Limited (Hastings) on the refinancing of a portfolio of operating solar PV ground mounted and rooftop assets, developed and operated by Hazel Capital LLP in the UK. The refinancing reached financial close on 2 March 2016.

The proceeds of the loans were used for the refinancing of construction and development costs incurred in connection with the development of the portfolio. The portfolio has a combined capacity of 11.413 MW and will generate electricity equivalent to the needs of around 5,000 homes.

The loans were arranged by IDCM Limited.

Rob Marsh, partner at Norton Rose Fulbright, comments:

“We are delighted to have assisted IDCM and Hastings on this significant transaction. This deal demonstrates the continuing diversity of financial solutions in the UK solar market and an interesting mix of both ground mounted and rooftop assets.”

Norton Rose Fulbright advised Hastings in connection with all aspects of the refinancing.  Norton Rose Fulbright also advised U.S. Bank in connection with its appointment as the facility agent and security trustee for the lender.

The team advising Hastings included partner, Rob Marsh and senior associate, Conrad Purcell who advised in relation to the refinancing together with associates, Emily Colville and Hattie Way who advised in relation to real estate matters.  Farmida Bi, partner, advised U.S. Bank in connection with its role as agent and trustee, together with associate Mark Brighouse.

Norton Rose Fulbright’s practice is ranked in Tier 1 for Power (including electricity nuclear and renewables) in the leading legal directory, Legal 500 2016.

Other advisers:

Burness Paull LLP advised Hastings relation to Scots law aspects of the transaction.