Michelmores acts for TLS Hydro Power on first bond issue
Michelmores LLP has advised renewable energy company TLS Hydo Power on a £2.5m bond issue − the first for the UK-based energy provider.
TLS Hydro Power is part of the TLS Energy Group that owns and operates several hydropower sites across Scotland and England. Funds raised from the bond issue will finance new energy schemes, including a 1MW project in the Perth and Kinross district of Scotland.
The bond issue was launched in conjunction with ethical bank Triodos, offering investors 7% interest a year, for five years. The offer has since oversubscribed, closing just three weeks after opening.
Alexandra Watson, Associate, who led the Michelmores team, said:
"It was a real pleasure to advise TLS Hydro Power through its first bond issue, giving investors the opportunity to support the future UK's renewable energy industry. The bond issue proved very popular with investors and will provide TLS with the capital to finance new renewable schemes."