Orrick, Herrington & Sutcliffe LLP
07/01/2024 | Press release | Distributed by Public on 07/01/2024 09:11
Orrick Advises on Revolving Credit Facility for Elgin Energy
Orrick has advised Copenhagen Infrastructure Partners (CIP) through its flagship fund CI V, and its subsidiary Elgin Energy in relation to the revolving credit facility of £60 million for Elgin with Banco Bilbao Vizcaya Argentaria.
THE COMPANIES
Elgin is a leading international solar company, bringing projects from origination through development to energisation. The company has a portfolio of projects in late-stage development totalling 15GW+ across three key markets: the UK, Australia and Ireland.
CIP is the world's largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. CIP manages 12 funds and has raised approximately EUR 28 billion for investments in energy and associated infrastructure from more than 150 international institutional investors.
Orrick recently advised CIP on its acquisition of an 87.7% stake in Elgin.
THE IMPACT
The financing helps Elgin deliver its development portfolio of over 15 GW of solar and battery projects. With many projects due to take financial investment decisions and enter construction over the coming months, this strengthening of Elgin's financial foundation will give further confidence to its supply chain partners and project contractors.
THE TEAM
Orrick's Evan Stergoulis and Albert Yu led the team that advised CIP and Elgin, with support from Jonathan Rosen, John Harvey and Taylor Brien.