Herbert Smith Freehills Kramer advises CVC DIF on its majority investment in Low Carbon

Leading global law firm Herbert Smith Freehills Kramer has advised CVC DIF, the infrastructure strategy of global private markets manager CVC, on its investment in renewable energy company Low Carbon.

Low Carbon develops, builds, and operates utility-scale solar, onshore wind, and battery storage projects across the UK and Europe, with c.1 GW of operational capacity.
CVC DIF’s investment, when combined with follow-on investment from existing shareholder MassMutual, the refinancing of existing project finance debt and raising of a Holdco facility, will secure c.£1.1 billion of committed capital for Low Carbon.

CVC DIF will commit primary equity (common and preferred) resulting in a majority controlling stake in the company. The investment will enable Low Carbon to significantly expand its installed capacity and drive the next stage of its growth as a diversified, leading next-generation Independent Power Producer, making a lasting impact on the UK and Europe’s ongoing energy transition.

The Herbert Smith Freehills Kramer team was led by partner Sarah Pollock, supported by of counsel, Richard Wright and senior associate Sam Cundall, together with associates Michael Edwards, Hedley Horler, Hugh Cronin and Shannon Smyth (Corporate Energy), senior associates Al Goodison and Claudia Hepper, and associate Joshua Avis (Financial Sponsors), partner Mark Ife, senior associate Niall Crean and associate Alanna Gardella (Employment, Pensions and Incentives), partner Aurell Taussig and senior associate Graham Crocker (Tax), UK head of CRT Veronica Roberts, senior associate Ali MacGregor and associate Tom Lyle (Regulatory), and partner Sarah McNally and consultant Frank Thompson (Insurance).

Partner Sarah Pollock commented: “We are delighted to have supported longstanding client, CVC DIF, on its significant investment in Low Carbon. This transaction reflects our cross-practice capabilities and proven track record in leading on milestone energy transition deals.”