Burges Salmon advises on refinancing of UK anaerobic digestion portfolio

February 11, 2021

A platform for investment into the burgeoning UK anaerobic digestion (AD) sector has secured an £85m debt financing with the help of a team from experts from Bristol-headquartered national law firm Burges Salmon.

The syndicated financing, provided by NatWest, Allied Irish Banks and Banco Sabadell, will be used by renewable energy investment platform Bio Capital to further develop its portfolio of AD assets across England, Scotland and Northern Ireland. 

London-based Bio Capital was founded in 2018 by Helios Energy Investments and Equitix and has a portfolio that includes gas-to-grid and electricity generation plants utilising food waste and agricultural feedstock, pictured.

The AD sector plays a significant role in the wider decarbonisation of the UK’s energy supply chain, both as part of the government’s net zero carbon obligations and its post-Covid ‘green recovery’ commitments.

Burges Salmon partners Stuart McMillan (project finance) and Nick Churchward (energy) led the cross-firm, multi-jurisdictional team advising on the refinancing, lender-facing due diligence and corporate reorganisation.

Stuart and Nick were supported by energy specialists from the firm’s project finance, corporate, construction, planning and real estate departments including Alison Logan, Luke Addison, Harry Tiara, Peter Ramsden, Mel Mahon, Ceri Barrett, Mark Devlin, Katherine M King, Claire Batty and Matthew Henson. 

London-based specialist law firm Elgar Middleton acted as debt advisor for the transaction.

Bio Capital CEO Peter Sharpe said: “Bio Capital is delighted to have closed this refinancing with the excellent support of the Burges Salmon and Elgar Middleton teams. This agreement will enable Bio Capital to continue its growth in the sector and to reinforce its commitment to renewable energy and a net zero economy.”

Burges Salmon partner Stuart McMillan, pictured, added: “This was a great team effort. We’re pleased to have worked with Bio Capital on this financing, and to have supported the platform in continuing to build its considerable UK portfolio of renewable energy plants using AD technology.”



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