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17 Jul 2023

Stephenson Harwood advises Gore Street Energy Storage Fund on £50 million upsized debt facility with Santander

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Law firm Stephenson Harwood LLP has advised Gore Street Energy Storage Fund plc (GSF) on the amendment and increase of its existing revolving credit facility with Santander.

GSF successfully secured £35 million of incremental debt arranged and syndicated between Santander UK and Banco Santander. The four-year term of the facility was extended until 2027 and includes a bespoke accordion option, which allows GSF to increase the facility amount beyond £50 million up to 30% of GSF's gross asset value. GSF is London's first listed energy storage fund, and the facility is secured on a portfolio of energy storage assets located across the UK.

"We were delighted to be instructed again by the Gore Street team, who we have supported since their listing in 2018," said Sean Crowley, partner, Stephenson Harwood. "The increased facility will help Gore Street continue on its substantial growth trajectory, which will in turn help the UK to reach its carbon neutral goal by 2050. This deal exemplifies the work we do in the decarbonisation space - a key area of focus for Stephenson Harwood".

The Stephenson Harwood team was led by finance partner Sean Crowley, who was supported by associate Adam Hardy.

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