The increased facility will provide Gore Street with further financial flexibility and liquidity to support and develop its construction portfolio.
The facility includes a bespoke accordion option to increase the facility amount beyond £50 million to up to 30% of Gore Street’s gross asset value, and specialised security arrangements with 14 of Gore Street’s special purpose vehicles.
The Reed Smith team advising on the deal was led by partner Maccailein Campbell with support from associate Jack McInerney and trainee Alex Botting. Gore Street was advised by Stephenson Harwood.
Campbell said: “We are delighted to support the expansion of the Gore Street Energy Storage Fund plc facility on a deal which further showcases the London team’s strength in acting for sponsors and lenders on financings secured against portfolios of renewable energy assets.”
Ioana Bozan, Director, Specialised & Project Finance, Structured Finance at Santander UK said: ‘‘We are delighted to continue our support for Gore Street Energy Storage Fund plc's acquisition pipeline. The upsized £50m debt facility, bespoke facilities agreement and flexible funding we have provided with advice from the Reed Smith team will unlock future opportunities for Gore Street and support the UK’s transition to a low carbon future.”
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