Powering one of the UK’s largest solar portfolios: Eversheds Sutherland advises on £825m financing

The financing will support the rapid delivery of a 1GW solar pipeline across the UK, enabling a significant expansion of Enviromena’s renewable energy platform as demand for clean, domestically generated energy continues to grow.

Debt is being provided by BBVA, Intesa Sanpaolo, Lloyds Bank, NatWest and Société Générale. An initial £525 million has been committed, providing immediate capital, with the wider £825 million financing structured as a flexible platform facility incorporating a £300 million uncommitted accordion to allow the portfolio to expand as projects progress from late-stage development through construction and into operation.

The transaction marks a major milestone for Enviromena and strengthens its ability to deliver large-scale solar projects at pace and at scale, supporting the UK’s energy transition and net zero ambitions.

The Eversheds Sutherland team was led by partner Mark Dennison and associate Eunice Wong, with the wider team comprising  Joanne Lim (finance), Richard Streeter and Sacha Bacco (construction), Ben Brown, Sophie Lowe, James Shawe, Rory Budworth, Rob Broom and Melinda Szekeres (regulatory and PPAs), Stefanie Sahla-Jones and Agata Lawrenciow (hedging).

Perella Weinberg Partners acted as financial adviser to Enviromena.

Mark Dennison, Partner, Eversheds Sutherland, said:

“We’re delighted to have supported the lender group on this significant transaction. This financing demonstrates the scale of investment continuing to flow into solar pv in the UK and underlines the critical role that large-scale solar will play in strengthening energy security and supporting the UK’s net zero objectives. Notably, it also represents one of the largest financing for UK solar pv this year. It was a pleasure to work alongside the lenders on a transaction of this scale and complexity.”