Dentons advises as lenders’ counsel on the c. £200m financing of a 360MW portfolio of UK solar PV and BESS co-located assets to be developed by Cero Generation

London—Dentons has acted as legal adviser to a consortium of leading lenders made up of ING, Nord/LB, Rabobank and Santander UK on a c.£200m debt financing package for a 360MW portfolio of UK solar PV and BESS co-located assets.

The assets within the portfolio are to be developed by Cero Generation, a leading IPP specialised in developing, constructing and operating solar energy and battery storage projects and accelerating the delivery of a net-zero future across Europe.

The portfolio includes the Bramley Project (115MW co-located solar and storage) and two other near-term projects with a combined capacity of 245MW of BESS and solar PV.  The funding structure includes an accordion facility to accommodate future projects within the portfolio.

The financing was structured as a Green Loan, with all three projects achieving alignment with the EU Taxonomy for sustainable activities.

The Dentons team was co-led by London partners Mark Cheney, Lucille De Silva and Graham Richmond, and included Thomas Collier, Marcus Ang, Daniel Mayhew, Alexandra Velizarova, Joanna Traynor, Adjoa Kwakwa, Olivia McGrath, Ejiro Agbaire, Adam Brown, Madeleine Smallwood, Gavin Partridge and Melanie Blanchard.

Mark Cheney commented: “We are delighted to have advised the lenders on the financing of this portfolio of UK solar and BESS assets. This transaction, and the build-out of the portfolio, will make an important contribution to advancing the UK’s energy transition. Congratulations to the lenders, Cero Generation and its development partner, Enso Energy, on reaching financial close.”