Global law firm Norton Rose Fulbright has advised Quercus Assets Selection on the £13.6 million refinancing of a portfolio of three ground-mounted solar PV plants in the UK.

The 4.4 MWp Burton, 11.913 MWp Sidlesham and the 5 MWp Stanton projects each benefit from 1.3 Renewables Obligation green certificates. Santander UK plc provided portfolio level debt over a 10-year tenor.

Tomas Gärdfors, partner, comments:

“This is an interesting transaction where we see a holdco financing structure combined with project company security. Despite not being a new concept, holdco financing is currently seeing a renewed focus in energy and infrastructure transactions and we are likely to continue to see more as it provides a flexible alternative to costly locked-in equity without the need for a full project finance structure.”

The Norton Rose Fulbright team was led by Tomas Gärdfors and senior associate, Hannah Logan, with assistance from Tim Wood and Remi Ahmed.

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.