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Burges Salmon advises Bio Capital on refinancing of UK anaerobic digestion portfolio

Posted: 9th February 2021

The firm has advised the Bio Capital platform, owned by Equitix and Helios, on the refinancing of its anaerobic digestion assets.

Burges Salmon has advised renewable energy investment platform Bio Capital on an £85m debt financing of its portfolio of UK anaerobic digestion (AD) assets across England, Scotland and Northern Ireland. The syndicated financing was provided by NatWest, Allied Irish Banks and Banco Sabadell.

Bio Capital was founded in 2018 by Helios Energy Investments and Equitix as a platform for investments in the AD sector, with its portfolio including gas to grid and electricity generation plants that utilise food waste and agricultural feedstock. The AD sector plays a significant role in the wider decarbonisation of the UK’s energy supply chain, both as part of the government’s Net Zero obligations and its post-COVID Green Recovery commitments.

Stuart McMillan

Nick Churchward

Burges Salmon partners Stuart McMillan (Project Finance) and Nick Churchward (Energy) led the cross-firm, multi-jurisdictional team advising on the refinancing, lender-facing due diligence and corporate reorganisation. Stuart and Nick were supported by energy specialists from the firm’s Project Finance, Corporate, Construction, Planning and Real Estate departments including Alison Logan, Luke Addison, Harry Tiara, Peter Ramsden, Mel Mahon, Ceri Barrett, Mark Devlin, Katherine M King, Claire Batty and Matthew Henson.

Peter Sharpe, CEO of Bio Capital, says: “Bio Capital is delighted to have closed this refinancing with the excellent support of the Burges Salmon and Elgar Middleton teams. This agreement will enable Bio Capital to continue its growth in the sector and to reinforce its commitment to renewable energy and a Net Zero economy.

Stuart McMillan adds: “This was a great team effort. We’re pleased to have worked with Bio Capital on this financing, and to have supported the platform in continuing to build its considerable UK portfolio of renewable energy plants using AD technology.”

Elgar Middleton LLP acted as debt advisor for the transaction.

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