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Burges Salmon acts for three-strong lender club to support 100MW battery energy storage project

Posted: 2nd November 2023

The firm has advised Santander UK, Triple Point and Rabobank on their combined financing of up to £70m to TagEnergy

Independent UK law firm Burges Salmon has advised a club of lenders comprising Santander UK, Triple Point and Rabobank on their combined financing of up to £70m to support the development and construction of a 100MW greenfield battery energy storage plant in Selby, North Yorkshire, owned by global clean energy enterprise TagEnergy. The funding includes an uncommitted accordion facility with a view to incorporating further assets in the financing structure.

Construction on TagEnergy’s Lakeside project commenced in August 2023 with the energy park due to go live by mid 2024.

The Burges Salmon team was led by Banking partner Graham Soar and Projects partner Alec Whiter, supported by senior associate Alison Logan, associate Samir Younes, and a team of specialist lawyers from across the firm’s energy and infrastructure sector group. The firm acted for all three lenders providing cross-disciplinary expertise on banking, real estate, construction and planning matters.

Graham Soar comments: “We have been advising on energy storage technologies and projects for well over a decade and we understand the crucial role they play in the UK’s energy transition. It was a pleasure to represent Santander UK, Rabobank and Triple Point on their multi-faceted and innovative debt package.”

The club of lenders commented that “We’d like to thank the Burges Salmon team for their excellent knowledge of battery storage projects, on-point banking expertise and for providing practical and astute solutions which worked for all sides, making what was a complex transaction, feel seamless and joined-up.”

Combining sector knowledge with banking and finance expertise, Burges Salmon provides tailored advice from a range of perspectives to support lenders and borrowers on complex financing transactions in the UK and internationally.

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