Michelmores acts for Dart Renewables on bond issue
Michelmores LLP has advised project company Dart Renewables on a £1.3m 8% secured bond issue. Working with Triodos Bank, Michelmores provided high-level legal due diligence support and advice on the fundraising aspects for Dart Renewables − in its quest to raise the £1.3 million needed to build a small-scale hydro power scheme on the Totnes weir on the river Dart in South Devon. The 300 kW project will benefit the wider community by providing low-cost, green energy to the nearby King Edward VI Community College and an affordable housing development.
Dart Renewables was established in 2009 by the three Directors and founding shareholders – Pete Kibel, Ben Kibel and David Mann. Each of the team runs their own successful business and together share a complementary range of skills and experience in fisheries ecology, engineering and hydro power technology. Together the team has successfully developed and constructed over 50 hydro power schemes in the UK.
Dart Renewables was specifically established for the purpose of developing a hydro power scheme at Totnes weir on the river Dart using technology to protect the fish species which inhabit the area.
Ian Holyoak, Head of Michelmores' Renewables Energy team, said:
"We are delighted to have supported this project which is local to our Exeter HQ. The Totnes Weir scheme is being developed with the leadership of key players in the hydro industry, Fishtek, Mann Power and Castleford Engineering, and we wish Dart Renewables the very best in constructing this project."
Diana Gerry said
“The Totnes weir hydro power scheme is a fantastic example of a genuine community renewable energy project which has clear benefits to the local community and the environment. We are delighted to help investors and the local community to tap into this environmentally friendly, natural source of energy. Michelmores provided invaluable expert advice and support throughout the fundraising project".