Elgar Middleton is pleased to have advised Field on the financing of their latest portfolio of assets.
Elgar Middleton managed the financing from lender selection through to financial close. This transaction represents a landmark financing given it is believed to be the first fully merchant in-house optimised BESS non-recourse financing in the UK market. Rabobank and ING provided £42m of debt comprising a term loan, DSRF and VAT facility.
The term loan is to be used to fund the construction and operation of 3x 2-hr BESS assets. Field’s in-house trading platform Gaia will be utilised for asset optimisation once the assets reach operations. The transaction included a number of structural protections for the lenders for a range of different scenarios to enable them to offer higher gearing than would otherwise have been available and to offer Field maximum operational flexibility.
This is the second financing on which Elgar Middleton has advised the Field team and we remain committed to assisting Field in their efforts to grow their UK and European portfolios.
