Authors
Authors
Michelmores has advised Eastgate, a special purpose vehicle of renewable energy producer Voltalia UK, on its successful £18.9m funding raise from Triodos Bank UK. The loan will support the construction of a new 34MW photovoltaic solar plant near Scarborough, North Yorkshire.
The Eastgate Solar project is being developed without subsidy and, once complete, will feature approximately 62,500 solar panels. The plant is scheduled for commissioning by the end of 2025 and will generate enough clean electricity to meet a significant portion of the energy needs of The Co-operative Group, under a 15-year Corporate Power Purchase Agreement. The agreement will supply around 7.5% of the Co-op’s total electricity consumption across its food stores, distribution centres, and funeral care homes in the UK.
The financing package includes a construction and long-term operating loan of up to £18.9m and a Debt Service Reserve Facility of €1.1m. The transaction demonstrates strong lender confidence in the strength of Voltalia’s UK pipeline and the broader market appetite for well-structured renewable energy projects.
Michelmores advised Eastgate on all legal aspects of the financing. The Michelmores team was led by Managing Associate Danielle Collett-Bruce, from the Firm’s Banking team, with support from Catherine Davis and Sebastian Ombler from the Construction team and Charlie Parker from the Banking team.
Danielle Collett-Bruce commented:
“We are pleased to have supported Voltalia on this significant transaction, which further underlines the strength of its UK renewables portfolio. Eastgate Solar represents another important step in the UK’s transition to clean energy, and we’re proud to have played a part in bringing it closer to operation.”
For more information on Michelmores’ Banking & Finance teams, visit our website.