TLT advises Low Carbon on investment from CVC DIF
Published by Jessica Casey,
Editor
Energy Global,
TLT has advised Low Carbon on a £1.1 billion investment that will accelerate the UK’s clean energy revolution and place Low Carbon at the forefront of the energy transition.
The funding combines primary equity from CVC DIF, with follow-on investment from existing shareholder MassMutual and the refinancing of existing project finance debt and a Holdco facility.
Low Carbon already has a 16 GW pipeline and 1 GW of operational and in-construction assets. The new capital will help to further grow its presence in the UK, Germany, and Poland and remain at the forefront of the UK and Europe’s energy transition as renewable energy scale-ups continue in a drive to meet ambitious targets in both regions.
TLT advised on the real estate, planning, and grid aspects of this deal. The transaction involved a multidisciplinary team of experts from across the firm and was led by Future Energy Real Estate Partners, Matt Grimwood and Nadia Wheeler. They were supported by a large team of over 40 fee earners which included David Miller, Katherine Evans, Nick Pincott, Greg Pringle, Claire James, Ellie Nicole-Davies, and Kate James.
Matt Grimwood, Future Energy Real Estate Partner at TLT, commented: “The importance of this transaction is reflected in the amount of time and effort that has been spent working on it. Completion represents the culmination of six years of hard work in working with Low Carbon on this portfolio of assets and will be a major boost to our long-standing client, enabling them to supercharge the British and European energy transition.
“We are incredibly proud to be working with forward-thinking organisations, such as Low Carbon who are continuing to enhance their position at the forefront of progressing the UK’s net-zero ambitions.”
Amos Carrington, General Counsel at Low Carbon, added: “This investment marks a significant step forward in our shared ambition to deliver utility scale renewable energy. Having worked with TLT for over a decade, we knew we could rely on their team to support us through this milestone. Their commercial approach and resourcefulness played a big part in helping us getting this transaction over the line.”
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