Burges Salmon advises Investec on £30m AD portfolio financing

Graham Soar (Burges Salmon)

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BURGES Salmon’s Energy and Infrastructure Finance team has advised Investec Bank on the senior secured term loan facilities made available to SWEN Impact Fund for Transition (SWIFT) for the purpose of financing its investment in a portfolio of anaerobic digestion (AD) assets in the UK.

SWIFT was launched by SWEN Capital Partners, a key player in European sustainable private equity investment, and is Europe’s first infrastructure fund dedicated to renewable gases. 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 obligations and its post-COVID Green Recovery commitments.

Investec will make available facilities in excess of £30 million to finance SWIFT’s investment in two operational AD projects in England, and the construction of a third AD project in Scotland. The funding from Investec enables SWIFT to leverage its own equity contributions, and invest in additional renewable energy or carbon reduction projects.

This marks the second time that Burges Salmon has advised Investec on AD portfolio financing having advised in 2021 on senior secured debt facilities of up to £90 million for Privilege Finance.

Burges Salmon’s cross-jurisdictional Energy team was led by partners Graham Soar (Banking and Finance) and Nick Churchward (Projects) supported by a range of Scottish and English qualified energy and infrastructure sector specialists including Luke Addison, Alec Whiter, Dominic Weston, Harrison Folland, Laura Callard, Clare Livingston, Samir Younes, Amy McVey, Stuart McMillan, Claire Batty, Sarah Stewart, Ewan Gadsden, Euan Bremner, Simon Cox, Jonathan Eves, Peter Dunn, James Horton, and Andy Sheppard.

Ricus Goussard, Vice President in Investec’s Power and Infrastructure Finance team, commented: “It is satisfying to successfully support our client in a pioneering transaction in the UK AD market. The diligent effort required on a solution which is not yet commoditised necessitated a sound yet commercial approach from our counsel – and affirmed our high regard for Burges Salmon.”

Graham Soar concluded: “Anaerobic digestion is an important part of the mix in achieving Net Zero. It diverts organic waste from landfill and uses it to produce renewable energy. We’re delighted to have helped Investec fund another sustainable energy deal.”

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