Clifford Chance

Clifford Chance advises on record GBP 284m sterling renewable bond

International law firm Clifford Chance advised M&G Investments as Arranger of the issuance of senior and senior subordinated notes for the successful GBP 284m refinancing of a 101MW portfolio of 33 operational, UK based, ground-mounted solar projects owned by Lightsource Renewable Energy Holdings Ltd.

Huw Jenkins, Partner, Clifford Chance, comments: "This is the first ever sterling, benchmark-size solar bond and the largest sterling renewables bond ever. It represents a growing trend for financial investors seeking to fund projects, something we expect to see much more of in 2016."

Clifford Chance has extensive experience advising on renewable energy projects and financing, recently advising Delta Solar, one of France's top five solar operators, on refinancing a portfolio of nine photovoltaic parks and Italy's Enel Green Power on the financing of the Gibson Bay wind farm in South Africa.

The Clifford Chance team was led by banking and finance partner Huw Jenkins working with capital markets partner David Bickerton, tax partner Dan Neidle, real estate and environmental teams led by James Shepherd and Andrew Hughes.