28 May 2024

Independent UK law firm Burges Salmon has advised Export Development Canada (EDC) and NatWest on the long-term financing of a 106MW wind farm, located in Caithness in the Scottish Highlands. Acting as co-mandated lead arrangers and co-lenders, EDC and NatWest together provided £130 million to support the construction of the Limekiln Wind Farm, owned by Canadian energy producer Boralex.

With the capacity to produce, per year, enough green electricity to power 40,200 homes and save at least 65,000 tonnes of carbon emissions, the project is Boralex’s largest scheme in Europe and its first project financing in the UK.

Advising the two lenders on all aspects of the deal, Burges Salmon provided banking, finance, energy, real estate, planning and construction expertise. The team was led by partners Stuart McMillan, Lloyd James, Alex Whiter and Euan Bremner, supported by directors Alistair Rattray and Laura Sharples, senior associates Alison Logan and Owen Watkins, associates Amy McPherson and Kirsten Ogg, solicitors Thomas Papke and Chris Glendinning and trainee solicitors Gemma Hines and Carys Cox.

Stuart McMillan comments: “It has been a pleasure working with NatWest and EDC to unlock this significant capital for Boralex's flagship project in the UK, one that will greatly benefit local communities, providing zero-carbon electricity and delivering an array of social, economic, and environmental benefits. In what was a complex deal, our experience advising on these types of financing transactions in the renewables sector meant we were able to work together with all parties, and across multiple jurisdictions, to bring this landmark project to fruition.”

Kristofer Gibson, Director, NatWest Infrastructure & Project Finance, says: “We’re delighted to have had the opportunity to support Boralex with its maiden financing and development in the UK market. The debt facility is another example of NatWest’s commitment to actively help building a greener economy and future by providing £100 billion Climate and Sustainable Funding and Financing to our customers by the end of 2025.”

Combining sector knowledge with banking and finance expertise, Burges Salmon provides tailored advice from a range of perspectives to support lenders and borrowers on complex financing transactions in the UK and internationally. Working across sectors, the firm acts for some of the world’s largest banks, building societies and over 50 financial institutions, alongside numerous PLCs and large corporate clients globally.

Key contact

Stuart McMillan

Stuart McMillan Partner

  • Head of Infrastructure
  • Banking and Finance
  • Energy finance

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