Gowling WLG advises Primrose Solar on £42m solar farm project finance deal

3 minute read
01 July 2016

Gowling WLG's Energy team has advised on a £42m project financing of the 49MW solar farm in Hampshire, one of the largest solar projects in the country.

The Eveley Farm solar park is the latest development by Primrose Solar, and will generate enough power to supply the equivalent of 15,000 typical homes and save around 21,500 tonnes of carbon dioxide per year.

Gowling WLG worked with Primrose Solar to secure project financing for the final construction payment from Deutsche Bank, who were advised by Norton Rose Fulbright.

Primrose Solar CEO, Giles Clark said: "We're pleased to have worked with Gowling WLG throughout the key stages of this project. I'm delighted with the speed and quality of both the build and transaction, it really is a testament to how everyone involved came together to make this project a success."

The site was owned, managed and built by PS Renewables as EPC Contractor, until Gowling WLG acted for Primrose Solar on the acquisition of the full project rights in December last year with the acquisition led by partner, Gareth Baker working with associate Mark Knight.

Chris Brierley, partner in the Gowling WLG Finance Group, said: "Primrose Solar is a longstanding client of the firm and we were delighted to work with them once again on this complex project financing. This was a full limited recourse project financing done on a seven week timetable to meet the construction payment date. We worked closely with the Primrose Solar team to deliver on time."

Chris led the transaction supported by a team of specialists including construction and finance principal associate, James Bruce, finance principal associate, Erika Pircher-Eschig, real estate partners Helen Emmerson and Lee McBride, planning director Graham Wrigglesworth and finance trainee Jade McDonald.

Gowling WLG's Energy sector team offers clients pro-active, commercially-focused and innovative solutions - wherever they are in the world. Their extensive UK and international client base includes governments and regulators, developers, financial institutions, generators, network operators and energy suppliers and traders.

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