A major financial deal to scale-up clean energy projects across the UK has been completed with help from legal experts in the Bristol office of international law firm Osborne Clarke.
The team advised purpose-led investment manager Triple Point on its £5.1m debt to Balance Power, a leading independent energy developer, which will help it complete a number of solar and battery energy storage projects across the UK. 
Merseyside-based Balance Power is already a major player in the clean energy sector – among its battery storage schemes is one at Iron Acton, near Bristol, which is helping South Gloucestershire Council meet its renewable energy targets.
Aimed at stabilising the energy supply to the local network during times when renewable energy sources are inconsistent, it can provide power100,000 homes while reducing the carbon footprint by 5,000 tonnes a year.
The debt facility with London-based Triple Point is the start of a new partnership which will enable Balance Power to develop solar and battery energy storage projects and also acquire the ready-to-build 6MWp Roborough project, near Plymouth, from Guildford-based clean energy firm Regener8 Power.
This ‘behind-the-meter’ solar project will generate clean electricity for energy-intensive businesses that will not only reduce industry emissions but also pave the way for a new route to business decarbonisation.
Triple Point has an established track record of originating unique debt financing for energy transition asset developers that support the renewable energy integration across the UK and has originated financing for over 16.7 gigawatts (GW) of UK BESS and solar assets in development.
Osborne Clarke’s energy and infrastructure finance team advising Triple Point was led by Bristol-based partner Caroline Saul, pictured, supported by associate Lucy Gillespie and trainee solicitor Joe Sandom, who are also based in the Bristol office.
Corporate advice was provided by partner Matt Levy, assisted by senior associate Ben Parker.
Osborne Clarke has previously advised Triple Point on its partnership with renewable energy developer Ethical Power, which has a base in Bristol.
Triple Point investment manager Hamish Tate said: “We are thrilled to have helped originate an opportunity with Balance Power in advancing essential battery energy storage and solar PV projects that bring much-needed renewable energy infrastructure to the UK.
“By reducing reliance on fossil fuel technology, these initiatives tackle high energy costs and contribute to balancing the electrical grid.
“This debt facility highlights the commitment of the lenders we support to work with developers of energy assets that drive the UK towards a cleaner, more secure energy future.”
Osborne Clarke, which employs around 800 people in Bristol and also has UK offices in London and Reading, is one of the UK’s leading legal practices advising on energy projects and transactions.
