Speechly Bircham advises The Renewable Power Exchange Ltd on its investment in the Ferneylea 1 wind farm development project in Scotland
19 August 2014
This article was written prior to the formation of Charles Russell Speechlys, through the merger between Charles Russell and Speechly Bircham.
Speechly Bircham has acted as legal adviser to The Renewable Power Exchange Ltd (RPE) on its investment in the wind farm development in East Lothian, Scotland known as Ferneylea 1.
RPE is a unique business that has been set up to both generate renewable energy and to work on projects that supply people living on low incomes or in fuel poverty within the UK. Ferneylea 1 will comprise a two turbine, 1.5 MW site in East Lothian, Scotland, and is the first in RPE's pipeline of renewable energy opportunities.
As well as investing in the project, RPE will be responsible for coordinating its development and operation. The project is also being financed by a combination of debt financing from funds managed by Puma Investments and an equity investor.
Dawn Muspratt, Managing Director of RPE, said: "We are very excited to have completed the financing for Ferneylea 1, which we hope will be the first of many renewable generation projects. In particular, we are delighted to have the financial backing of Puma Investments, who we look forward to working with. With their extensive transaction experience, we were impressed by the team at Speechlys and, in particular, their ability to cut through complex issues involving a large number of parties to reach pragmatic solutions. We would like to thank Andrew, Jenna and the rest of the team for all their hard work in completing the transaction".
Commenting on the transaction, Andrew Clarke, Corporate partner at Speechlys, said: "We are delighted to have acted on this first project for RPE. It was a pleasure working with Dawn, Duncan and Albert, and we are pleased to have contributed towards this exciting project".
The Speechlys team was led by Corporate partner Andrew Clarke, alongside Corporate solicitors Jenna Robinson and Amelly Kok, and Corporate trainee solicitor Will Harwood. Teams from Projects and Banking & Finance were also involved in the transaction. The Speechlys team worked alongside lawyers from Tods Murray LLP, who advised RPE on matters of Scottish law and DAC Beachcroft LLP, who advised Puma Investments.