Burges Salmon acts on £130m funding package to support major wind farm project in Scotland

Burges Salmon has advised Export Development Canada (EDC) and NatWest on the long-term financing of the 106MW Limekiln Wind Farm in Caithness, Scottish Highlands. Acting as co-mandated lead arrangers and co-lenders, EDC and NatWest together provided £130 million to support the construction of the wind farm, owned by Canadian energy producer Boralex.

The Limekiln Wind Farm, capable of producing enough green electricity annually to power 40,200 homes and save at least 65,000 tonnes of carbon emissions, is Boralex’s largest project in Europe and its first project financing in the UK. Burges Salmon’s Banking and Finance team, led by partners Stuart McMillan, Lloyd James, Alec Whiter, and Euan Bremner, advised the lenders on all aspects of the deal. The team also included directors Alistair Rattray and Laura Sharples, senior associates Alison Logan and Owen Watkins, associates Amy McPherson and Kirsten Ogg, solicitors Thomas Papke and Chris Glendinning, and trainee solicitors Gemma Hines and Carys Cox.

Stuart McMillan commented, “It has been a pleasure working with NatWest and EDC to unlock this significant capital for Boralex's flagship project in the UK, one that will greatly benefit local communities, providing zero-carbon electricity and delivering an array of social, economic, and environmental benefits. In what was a complex deal, our experience advising on these types of financing transactions in the renewables sector meant we were able to work together with all parties, and across multiple jurisdictions, to bring this landmark project to fruition.”

Kristofer Gibson, Director of NatWest Infrastructure & Project Finance, added, “We’re delighted to have had the opportunity to support Boralex with its maiden financing and development in the UK market. The debt facility is another example of NatWest’s commitment to actively help building a greener economy and future by providing £100 billion Climate and Sustainable Funding and Financing to our customers by the end of 2025.”

Combining sector knowledge with banking and finance expertise, Burges Salmon provides tailored advice from a range of perspectives to support lenders and borrowers on complex financing transactions in the UK and internationally. The firm acts for some of the world’s largest banks, building societies, and over 50 financial institutions, alongside numerous PLCs and large corporate clients globally.