Crédit Agricole CIB Provides £170 Million CapEx Borrowing Base Facility to AMPYR Distributed Energy for 200MW Onsite Solar-BESS Expansion in the UK

Orrick has advised Crédit Agricole Corporate and Investment Bank (“Crédit Agricole CIB”) on providing a £170 million CapEx borrow base facility to AMPYR Distributed Energy (“ADE”) to support its development of onsite commercial and industrial (C&I) solar and BESS projects across the UK.

THE TRANSACTION

Crédit Agricole CIB has provided a £170,000,000 CapEx borrow base facility to ADE, a UK BESS/solar developer with a particular focus on commercial and industrial (C&I) operations. The facility can be drawn upon for construction-stage and operational assets and will support ADE in expanding its C&I business, where ADE installs solar and BESS assets at its customers’ sites (at no upfront cost), with energy generated sold to that business via PPA.

THE IMAPCT

ADE has already contracted over 50MW of solar and BESS assets across 50 UK sites. This funding will allow ADE to expand its C&I portfolio to upwards of 200MW, which will likely comprise several hundred sites, with over 100 customers.

Laurent Haik, co-head of Auto and Operating Assets Securitisation commented that Crédit Agricole CIB was "happy to support ADE, an AGP Group company backed by Stonepeak, in its ambition of developing distributed solar projects in Europe". "This transaction is a first of a kind as it genuinely combines the expertise of Project Finance and Securitization and was structured by our newly built Distributed Generation franchise associating the teams of Project Finance and Securitisation."

THE TEAM

The Orrick team was led by Adam Smith and supported by Oliver Sikora and Milo Dunne. Other members of the Orrick team that provided valuable assistance on this transaction include Simon Folley, Alfred Weightman and Craig Bruce, as well as Jonathan Rosen and Gilbert Harrold.