International legal practice Osborne Clarke advised Green Frog Power on a £38m secured loan from Macquarie Group’s Specialised and Asset Finance division to refinance its portfolio of diesel-fired power plants and fund its buyout from InfraRed Capital Partners Limited.
Green Frog Power is a leading provider of Short Term Operating Reserve (STOR) in the UK, the company owns and operates a 214 MW fleet of diesel plants in England and Wales, which are under long-term STOR contracts with National Grid.
Osborne Clarke previously advised Green Frog on £100m debt financing for their gas peaking plants in April 2018. Commenting on working with the firm, Director of Green Frog Power, Jeremy Taylor said: "We've worked closely with Osborne Clarke for a number of years, and are delighted to have completed this transaction with them, which will provide the platform for the future development of GFP's business."
Osborne Clarke's project finance and energy specialists who acted on the transaction were led by Partner Andy Normington who was assisted by Associate Director Cameron Houston, Senior Associate Jasdeep Puri, Amber Bains and Josephine O'Dowd. The team was also supported by Associate Director Alex Underwood in Corporate, Charlotte Walker and Holly Dwyer in Real Estate and Alfred Church in Disputes.
Osborne Clarke has an established and well-respected position as one of the leading law firms advising on renewable energy projects and transactions. For over 20 years, it has helped clients to seize new opportunities and meet the challenges of making energy generation clean, affordable and secure. The combination of the team’s experience and understanding of the energy sector means they are regularly called upon to support businesses on all aspects of their commercial, regulatory, corporate, finance and construction legal needs.