Global law firm Norton Rose Fulbright has advised National Australia Bank Limited (NABL) on the financing of a portfolio of solar and wind projects in the UK, owned by Cubico Sustainable Investments Limited.

The first phase of financing comprised two wind and two solar projects with the second phase of financing, which reached financial close on 15 June 2016, adding seven solar projects to the portfolio. It has a combined capacity in excess of 123MW.

Rob Marsh, partner, Norton Rose Fulbright, comments:

“This has been a complex and exciting transaction. The portfolio consists of projects eligible for Feed-in Tariffs and Renewable Obligation accreditation, with the financing also building in future project accession mechanics.

“It is another example, among a number of recent transactions we have closed, that the project finance market in UK renewables remains strong for good projects backed by stable sponsors.”

The Norton Rose Fulbright team advising NABL included: partner Rob Marsh, senior associate, Sarah Brogan and associate, Melusi Dlamini; partner Wasim Khan leading on real estate maters with Elizabeth Paley, Juliette Kelly, Emily Colville and Hattie Way; partner Duncan Field advising on planning aspects, assisted by Victoria Watson; Daniela Schluckebier and Charlotte Brown on the hedging aspects; and Tim Baines leading one the due diligence process with assistance from Dan Newcombe.

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, and recently advised on the financing of the £2.6bn Beatrice offshore wind farm in Scotland.