Gowling WLG has advised AIB Group (UK) plc, as lender, on the project financing of seven hydro power schemes in Scotland.
AIB is providing a £15.5 million capex facility to developer, Edge Hydro Holdings Ltd to part finance the construction of seven "run-of-river" hydro schemes at Dalness and Glen Etive in Scotland. The schemes will have a combined capacity of 6.5 megawatts.
The project is one of the largest privately owned hydroelectric resource projects under development in Scotland.
The Gowling WLG team was led by projects partner, Jonathan Brufal and finance partner, Chris Brierley. Senior associates Robert Currall and Rhodri Williams were the lead associates on the project aspects and finance workstreams, respectively.
AIB was advised by Harper Macleod LLP on Scots law matters. Edge Hydro was advised by Brodies LLP.
Jonathan Brufal commented: "We are extremely pleased to have advised AIB on this project financing. Hydroelectric power projects supply over 20% of the world's electricity although a much smaller share of the UK's power capacity. As the renewable energy sector continues to grow, we look forward to working on more hydroelectric power projects."
Gowling WLG's sector-focused Energy group advises on all aspects of energy projects in the UK and abroad. We advise governments, regulators, project developers, network companies, financial institutions and investors, energy suppliers and traders, technology companies and the sector supply chain among others.