Eaga plc Financing agreement for £300m Solar Project (1061D)
17 Marzo 2011 - 1:01AM
UK Regulatory
TIDMEAGA
RNS Number : 1061D
Eaga plc
17 March 2011
17 March 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR
IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
Eaga plc ("Eaga")
Statement re: Signing of Equity and Facility Agreements of its
GBP300m Solar Project ("the Solar Project")
Eaga is pleased to announce the signing of equity and debt
financing documentation for its Solar Project. The Solar Project
now has agreed funding of GBP300m to install Solar Photovoltaic
("PV") panels on the roofs of residential dwellings in the UK. This
funding consists of equity totalling GBP75m, which will be invested
by Eaga (GBP15 million), HSBC Environmental Infrastructure Fund and
Barclays European Infrastructure Fund II (GBP30m each) in the newly
created Special Purpose Vehicle company ("SPV"). Debt financing of
GBP225m will be provided by a syndicate of five banks comprising
HSBC, Lloyds, National Australia Bank Limited, RBS and Santander.
The financing will be drawn down as the PV systems are installed
and is subject to the satisfaction of certain customary conditions
precedent.
The Solar Project uses an innovative structure, which enables
private finance to deliver public policy and, as stated in their
announcement of 11 February 2011, Carillion, who have made a
recommended offer for Eaga, are highly supportive of the Solar
Project and have supported and endorsed its signing.
Eaga will install the PV systems and also provide aftercare
services for the SPV. It is expected that this Solar Project will
install PV systems in over 30,000 homes and it opens the way for
similar projects, given the scale of UK Government's targets for
the installation of domestic renewable energy systems. Up to the
date of this announcement Eaga has installed in excess of 1,000
solar PV systems, and it is intended that these will be transferred
to the SPV in due course.
Eaga have received advice from J.P. Morgan Cazenove, Noble
Grossart, Brewin Dolphin Corporate Advisory and Broking and DLA
Piper in executing the transaction.
Eaga's Chief Executive, Drew Johnson said, "I am delighted that
we have completed the finance raising of this ground breaking
project which has been made possible by the support of all of our
financing partners. The pathfinder nature of the project has meant
that it has taken longer than we expected to get to this stage,
during which time we have had to carry significant costs to
maintain our installation capability, but we are now uniquely
positioned with both the financial resources and the operational
capability to capitalise on this significant market
opportunity".
For further information please contact:
Eaga plc
Drew Johnson, Chief Executive Officer
Giles Sharp, Chief Financial Officer
Neil Spann, Director of Investor Relations
0191 245 8501
MHP Communications
Andrew Jaques
Ian Payne
020 3128 8100
Notes to Editors
HSBC Environmental Infrastructure Fund
HSBC Environmental Infrastructure Fund is a closed-ended private
equity fund which develops, sponsors, implements and invests in the
equity of environmental infrastructure projects. The Fund is
managed by HSBC Specialist Fund Management Limited ('HSFML'), which
is authorised and regulated by the Financial Services Authority and
is a wholly-owned subsidiary of HSBC Specialist Investments
Limited. HSBC Specialist Investments Limited ('HSIL') is the
dedicated property and infrastructure investment arm of HSBC. In
2010, following changes in the regulatory environment, HSBC
announced plans to sell its private equity businesses. The senior
management of HSIL has agreed to acquire an 80% interest in the
Fund Management business with HSBC underpinning its continuing
affiliation by retaining a 20% shareholding. It is expected that
completion of the transfer will occur on or around the end of March
2011 once regulatory approvals and other consents have been
obtained.
Barclays Infrastructure Funds
A business unit of Barclays Capital, Barclays Infrastructure
Funds Management Limited has raised six funds from institutional
investors since 1996 with total funds currently under management of
approximately GBP1.2 billion. The investment objective of Barclays
Infrastructure Funds is to generate significant long-term
yield-based investment returns through its experience of investing
in PFI, PPP and similarly financed social infrastructure projects
in the UK and continental Europe.
The infrastructure and the buy-out sides of private equity at
Barclays Capital have co-existed independently from one another
under one license and trading name since 1996, when infrastructure
investing was still in its infancy. Since that time, infrastructure
as an asset class has matured significantly and investor
familiarity has increased.
For further information about Barclays Infrastructure Funds,
please visit http://www.barclaysinfrastructurefunds.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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