The summary
Gravis Capital Management (Gravis) is an independent asset management company headquartered in London that manages funds investing primarily in the UK infrastructure, renewable energy, and real estate sectors, with a significant ESG focus.
Eden Geothermal secured funding of £9.9m from the European Regional Development Fund, alongside £1.4m from Cornwall Council and £6.5m from GCP Infrastructure Investments, an investment trust advised by Gravis.
The Eden Geothermal project aims to unlock the geothermal energy deep in the granite beneath Cornwall by drilling a 5km deep well at the Eden Project. Gravis is also an equity investor on this landmark scheme. Burges Salmon has supported Gravis throughout the lifecycle of this project acting as legal advisors on the bid process, debt financing and equity investment.
Why us?
Gravis is a long standing client of Burges Salmon which meant we understood their objectives and could support them throughout the process using our extensive expertise in these types of transactions. We played a key role in supporting the legal elements from start to finish. This was a heavily structured debt finance deal that required extensive due diligence and knowledge of the project.
Ben Perkins, associate director Gravis says: “We pride ourselves on being innovators and our involvement in the Eden Geothermal project complements the pillars of our fund and its green credentials. Unlocking the potential of geothermal energy is very exciting and we are optimistic with how the project is developing with phase one of the drilling substantially complete.
“The support from Burges Salmon has been great. This wasn’t a vanilla funding transaction, so the backing of a trusted legal advisor was very important, and the team supported us from inception to completion. We have a lasting and durable relationship with the Burges Salmon team who provided essential legal advice during initial discussions and then ensured the debt financing and equity investment side was completed smoothly.”
Victoria Allsopp, partner in the Banking and Finance team at Burges Salmon adds: “Gravis’s ESG credentials are impressive, and they are a hugely valued client of Burges Salmon who we have enjoyed worked alongside for many years. We are thrilled to support them with this very exciting and ground-breaking project which has enabled the drilling of the first well. This has been a real team effort advising across multiple disciplines and I have been assisted by my colleagues Ross Fairley, Energy partner and Lauren Luscombe senior Construction associate amongst others to get this deal over the line for Gravis and Eden Geothermal.”