International legal practice Osborne Clarke has advised Aberdeen Standard Investments’ infrastructure debt team on its loan of over £43m to finance six operational hydro-electric schemes in Scotland.
The hydro schemes are all accredited under the UK Government’s ‘Feed in Tariff’ programme, designed to subsidise and promote renewable energy generation. Participation in this programme ensures a fixed price per megawatt hour for the energy produced, protecting project revenues from fluctuations in electricity prices.
The six hydro-electric schemes are:
- Strathan, Loch an Laoigh and Uisge Dubh in Strathcarron, Wester Ross
- Pattack, just north of Laggan
- Kendrum Burn, Lochearnhead
- Ben Glas, on the Glenfalloch Estate, at the north end of Loch Lomond
The hydro schemes – all situated on rivers in the Scottish Highlands – were built by developer Gilkes Energy and associated investment fund Gilkes Hydro Investments Limited (GHI), which owns and operates 17 renewable energy projects across Scotland.
Advising on the deal were Partners Omar Al-Nuaimi and David Ferris, they were assisted by Associate Directors Caroline Saul and Deborah Harvey, Senior Associate Charlotte Walker and Associates Lizette Hunter, Jonny Gait and Gavin Williams.
Osborne Clarke has an established and well-respected position as one of the leading international 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.
Osborne Clarke worked closely with Harper MacLeod LLP in relation to the Scottish real estate and planning aspects of this matter.