Project Finance
Our Project Finance team has a strong reputation for technical excellence, commerciality, efficient deal execution and market knowledge – particularly in the clean energy and infrastructure sectors.
Project finance is a structured finance tool, used to fund long-term capital-intensive energy and infrastructure assets. It will continue to play a pivotal role as the UK tries to deliver on its net zero, clean energy generation and infrastructure commitments.
Our Project Finance team advises a wide variety of clients, including developers, sponsors, investors, lenders (both commercial banks and state-owned banks) and public sector bodies. Our lawyers have significant experience in the energy and infrastructure sectors, and have worked on many high-value and high-profile projects. A few examples:
- Providing advice to Moray Offshore Windfarm (East) Limited in relation to the £2.6 billion project financing of the Moray East offshore wind project (and subsequent LIBOR transition in relation to the debt facilities)
- Advising Broken Cross Wind Farm (a subsidiary of BayWa R.E) in relation to the project finance of its Broken Cross Onshore Wind Farm Project
- Advising Nadara Limited in connection with the Scottish aspects of its platform debt facilities for its global renewables portfolio (one of largest deals to come to market in 2024)
- Advising Green Highland Renewables on the first UK project financing of a portfolio of hydro assets
- Advising lenders or consortia across a significant number of PFI, PPP and NPD Projects across the healthcare, education, transport (both road and aviation), streetlighting, waste and defence sectors
A history of innovation
We have been involved in many innovative and ‘world first’ projects. For example, we worked with the Green Investment Bank to design and develop their first public sector loan product the ‘Green Loan’. This helped to accelerate the advancement of low-carbon projects across the public sector estate in the UK by offering low-cost fixed-rate loans, over a period of up to 20 years, to local authorities. The loan was based on a ‘spend-to-save’ model, in which the loan was repaid from the savings that local authorities make by implementing energy-efficient solutions.
We also advised Scottish Enterprise (through its Renewable Energy Investment Fund) as the main project finance debt provider on the MeyGen Tidal Array Project.
Our expertise includes advising on:
- Project finance structures in the energy sector, including clean energy, decarbonisation and traditional energy projects
- Project finance structures in the infrastructure sector including healthcare, education, road and aviation transport, and defence projects
- A wide range of clean energy project technologies, including onshore wind, offshore wind, tidal, hydro, biomass, electric vehicles, LED lighting and waste to energy
- All infrastructure delivery models including PFI, PPP, NPD and Hub
- Reserve-based lending facilities, and innovative financing structures such as the GIB Green Loan (see above)
Our legal experience in more detail
- Providing advice to Moray Offshore Windfarm (West) Limited in relation to the project finance of the £2 billion Moray West Offshore Wind Farm Project
- Advising the senior debt providers in relation to the £220 million project finance of a large-scale (400MW/800MWh) battery storage project
- Acting for Nord LB in connection with the project financing of a significant number of education and healthcare projects, each of which was procured under the hub Programme
Meet our key contacts
Clare Foster
Head of Clean Energy and Partner
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Contact us
Clare Foster
Head of Clean Energy and Partner
