Freeths advises Wattstor on debt facility

Freeths has provided crucial legal advice to Wattstor in securing a debt financing facility of up to £50 million from Aldermore Bank. This financial support aims to enhance the growth of Wattstor's Price Protect project portfolio, a significant development for the energy company. Wattstor focuses on delivering low-cost renewable electricity to commercial and industrial clients by designing, installing, and managing onsite renewable generation and battery energy storage systems, which help customers mitigate market volatility and ensure long-term energy cost certainty.

Aldermore Bank, a prominent UK specialist bank, offers funding solutions for small and medium-sized enterprises. The institution's energy and infrastructure finance team plays a vital role in backing renewable energy and infrastructure initiatives across the UK. The newly acquired debt facility will partially finance Wattstor's first three Price Protect projects, with expectations for additional drawdowns as further initiatives reach financial closure. Over the upcoming 12 to 24 months, Wattstor plans to finance more than 15 new projects, thereby contributing significantly to its expansion strategy.

This debt financing initiative is further enhanced by an additional equity investment from Wattstor's private equity partner, Ara Partners. Spearheading the Freeths team on this transaction was Banking & Finance Partner Amy McVey, supported by Head of Clean Energy Clare King, Corporate Managing Associate Megan Atack, and Banking & Finance Associates Rebecca Banner and Jay Elder.

Regarding the deal, Amy McVey commented “This transaction provides Wattstor with a flexible and scalable funding platform to support the continued rollout of its Price Protect portfolio. It was a pleasure to work with the Wattstor team and the wider adviser group on a deal that has been carefully structured to accommodate ongoing project deployment”

Copyright & permissions