28 November 2013

Renewable energy investment company Low Carbon has announced that it will collaborate with Macquarie Capital on a solar farm portfolio of up to 300MW. The tie up relates to the funding of a portfolio of solar projects that could power up to 100,000 homes per year, supporting Low Carbon and Macquarie Capital’s joint aim to accelerate and deliver renewable energy sources in the UK.

The first phase of the collaboration will total 25.7MW with an investment of up to £29 million to fund the construction of three ground mounted solar projects, two based in Cornwall and one in Wales.

Commenting on the partnership, Mark Dooley, Head of Development Capital at Macquarie said: “The collaboration with Low Carbon in relation to construction funding of their pipeline of UK solar projects demonstrates the ongoing commitment that Macquarie Capital has to finance power and renewable energy businesses in Europe. We are delighted to be able to support the Low Carbon team to build out their development pipeline and hope to continue to support management to achieve their wider strategic aims through this phase of rapid growth.”

John Cole, Chief Investment Officer at Low Carbon said: “Low Carbon aims to direct investment into projects that not only provide returns to investors, but also offer a sustainable energy alternative to fossil fuels. We have a pipeline of future projects under development and look forward to continuing our successful collaboration with Macquarie Capital with the aim of making an impact on climate change.”

Burges Salmon advised Low Carbon and the transaction was led by Euan Bremner with assistance from Paul Doherty, Ailsa Fudge, Cathy Lau, Ashley Flanagan, James Phillips, Elizabeth Dunn and George Wilson. Euan commented:  “We are delighted to be associated with Low Carbon’s continued growth in the sector and look forward to assisting them in delivering well developed, investment-ready renewable energy projects to Macquarie ”

Steve Mack, General Counsel at Low Carbon, commented: “We are very grateful to the team at Burges Salmon for their advice and hard work in helping us to get this financing over the line.”

Key contact

Euan Bremner

Euan Bremner Partner

  • Energy and Utilities
  • Head of Scottish Real Estate
  • Head of Northern Irish Real Estate

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