TLT has supported Innova Energy with a £30m refinancing of its 57MW portfolio of UK rooftop and ground-mounted solar PV projects.
The transaction was financed by NatWest using SONIA (the Sterling Overnight Index Average) as its reference rate and is the first SONIA based project finance facility to be made available by NatWest, as well as being one of the first in the market. This is a significant step for NatWest who is leading the way in offering alternatives to LIBOR, with the discontinuation of LIBOR expected at the end of 2021.
Innova Energy was established in 2016 to invest in and operate a diversified portfolio of UK renewable energy assets, with a focus on utility-scale ground mounted and commercial roof top solar installations, located at agricultural, industrial and commercial sites.
Real estate partner Nick Shenken (Picture) led the multi-disciplinary team at TLT, with support from partner Gary Roscoe and solicitor Emily Huish on banking and finance, and partner Alice Gardner on corporate matters. A number of experts from across the firms sector and service lines provided further support.
Law Firms: TLT LLP;
Clients: Innova Capital & Energy;