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ARTICLE · 28 JUNE 2022

Pacific Green Advised On 99.98mw Battery Energy Storage System Project Financing

Gowling WLG
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Gowling WLG has advised Pacific Green Technologies, Inc. ("Pacific Green") on the project financing of the company's 99.98MW battery energy storage system ("BESS")...

United KingdomEnergy and Natural Resources
Jonathan Brufal
Jonathan Brufal
Helen Emmerson
Helen Emmerson
Gus Wood
Gus Wood
Nath Curtis
Nath Curtis
Gareth Baker
Gareth Baker
Robert Currall
Robert Currall
Siân Dewing
Siân Dewing
Dan O'Donnell
Dan O'Donnell
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Gowling WLG has advised Pacific Green Technologies, Inc. ("Pacific Green") on the project financing of the company's 99.98MW battery energy storage system ("BESS") development at Richborough Energy Park, Kent.

Our Energy team advised Pacific Green over a senior debt facility agreement with merchant banking group Close Leasing Limited ("CLL")*, to provide a development loan to fund the construction of the site, which will be utilised in stages following the expenditure of the equity investment. The development loan will then be refinanced into a 10 year amortised term loan upon the start of commercial operations.

Gowling WLG also advised Pacific Green over a long-term Optimisation Agreement entered into between Pacific Green and Shell Energy Europe Limited ("Shell"), pursuant to which Shell will provide dispatch trading and optimisation services for the project and take up its capacity on a long-term basis.

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