TLT advises renewable energy company on funding partnership

National law firm TLT has advised renewable energy company, Thrive Renewables, on a development finance facility with solar energy provider, Eden Sustainable.

Thrive Renewables is a renewable energy company that has built or funded 39 renewable energy projects since 1994. In addition to wind and hydro, Thrive has invested in solar PV, battery storage, geothermal, ground source heat and early commercial scale tidal generation and has generated over 2.2 million MWh of clean electricity and avoided the emission of over 1 million tonnes of CO2.

The partnership with solar specialists, Eden Sustainable, will fund a pipeline of new rooftop and ground mounted solar projects, with the financial, construction and operational support of the associated development finance facility. The portfolio has been seeded by the acquisition of 14 operational rooftop solar projects sited across 14 different schools in England.

TLT’s banking team advised Thrive on the suite of finance documents. The team was led by partner Gary Roscoe with support from associate Amy Stenner. Corporate advice and acquisition documents were led by partner, Kay Hobbs with the assistance of senior associate Kevin Howard. The deal required further cross-practice expertise with Kerri Ashworth from the real estate team; Stuart Urquhart from the commercial team; and Nick Pincott and Natasha Sanson from the construction team.

Monika Paplaczyk, Investment Director at Thrive Renewables, said: “We’re pleased to be partnering with Eden Sustainable, bringing private wire solar to more schools and businesses across the country. With 25MW of new capacity to be built in the next 12 months, and ambitious goals to build up to 75MW of new capacity over the next six years, we believe this partnership will help accelerate the UK’s net zero journey, supporting the 70GW of new solar needed by 2035.

With thanks to TLT’s specialist support and sector knowledge, this deal will support businesses up and down the country – providing them with direct access to clean electricity and ultimately helping to lower the cost and carbon content of their operations.”

Gary Roscoe, banking partner at TLT added: “This deal is reflective of wider market trends showing increasing investor confidence in the rooftop solar market and a willingness for funders to enter the project lifecycle early and with an equity stake. It was a pleasure to be involved in this significant deal, which will contribute to the further development of what could be a key part of the UK’s push for net-zero.”

Scott Burrows, Co-Founder, Director at Eden Sustainable added: “It is superbly exciting to combine the experience and values of both Thrive Renewables and Eden Sustainable with a facility of up to £75m, with the aim of creating real scale, and real impact in commercial and industrial solar.  The deal was complex and niche and there’s no doubt TLT’s expertise and approach were integral in enabling it to happen in such a collaborative and successful manner.”