Financial adviser for the valuation and sale of investment in the Stirling Schools PPP Project (capital value £109m).

Quayle Munro Project Finance is pleased to announce that it has advised John Laing Investments Limited and Infinergy on structuring and arranging the senior debt funding package to support the construction of the 8.2MW Wear Point wind farm.

The senior funding package, totaling £17.8m, is provided by Nord/LB and consists of a term loan, TSA letter of credit, VAT facility and Decommissioning Bond.  The term of the debt is 15 years post construction.  The wind turbines and long term service package will be provided by REpower with Raymond Brown undertaking the balance of plant.  All power will be sold to Statkraft under a 15 year power purchase agreement.

The wind farm will comprise four REpower 2.05MW MM82 wind turbines.  Full power generation is scheduled for December 2013.

This transaction further enhances Quayle Munro Project Finance’s reputation in the renewable energy sector and follows on from Bilsthorpe wind farm, where Quayle Munro advised John Laing on structuring and securing the senior debt funding package to support the construction of the 10.25MW wind farm.

Previously Quayle Munro advised Barclays Infrastructure Funds on the acquisition and financing of Wadlow Wind Farm and also advised the respective project companies on the Carraig Gheal Wind Farm and Hog Jaeren Wind Farm projects.

Clare Lacey, Partner, Quayle Munro Project Finance said:

“Quayle Munro Project Finance is delighted to have been part of this transaction. We are pleased to have successfully supported John Laing and Infinergy to achieve financial close for this project.

This is the latest in a long line of successful transactions delivered by a very experienced and independent team”.

Ross McArthur, Head of Renewable Energy for John Laing, said:

”The Quayle Munro team has been instrumental in helping to achieve financial close on Wear Point Wind Farm and we are now looking forward to working with our partner, Infinergy, to help deliver clean, renewable electricity to communities across the UK”.

Infinergy’s Managing Director Esbjorn Wilmar said:

“We are delighted to have reached this key milestone. We are keen to move forward to the construction stage now and to take on the operational management of the project.”

Quayle Munro Project Finance LLP is pleased to announce that it has advised BAM PPP on the successful financial close of the €121 million Schools PPP Programme Bundle Three – a twenty-five year Public Private Partnership with the National Development Finance Agency on behalf of the Department of Education and Skills. The project, the third in the Schools PPP Programme, consists of the design, build, finance and maintenance of eight schools (seven post-primary schools and one primary school) on seven sites. Construction work is due to start immediately.  The first school is scheduled for completion in November 2013 and the last in April 2014.

BAM PPP was named as preferred bidder for the project in September 2011.

Senior debt funding was provided by Bank of Ireland and European Investment Bank.

Clare Lacey, partner at Quayle Munro Project Finance LLP, said “We are delighted to have been part of this transaction and to have advised BAM PPP on the schools programme which will provide efficient and affordable schools and deliver value for money. It is particularly pleasing to have successfully achieved close in the current challenging financial climate where limited financing is available.”

Alison Stewart, BAM PPP’s Head of Project Finance UK & Ireland, said “We are pleased to have been able to work with Quayle Munro Project Finance LLP, and to partner with the Department of Education and Skills, the NDFA and our senior lenders Bank of Ireland, the European Investment Bank and the National Pension Reserve Fund to develop a financing solution for the project.  The successful financing of the project was an excellent demonstration of collaborative working, in current challenging financial times.”

Financial advisor to Edinburgh College’s constituent members on the implications of its 2012 merger, including the successful restructuring of its loan facilities with Lloyds Banking Group.

Advised Highbury Healthcare Limited, the SPV appointed by Nottinghamshire Healthcare NHS Trust, on a variation to the Highbury Healthcare project.

Quayle Munro Project Finance advised a consortium of Bilfinger Project Investments and Miller Construction (“the Bluelight Partnerhsip”) on its successful bid for the Avon & Somerset Police PFI Project.

The project includes:

• A Somerset operations base at Express Park, Bridgwater, incorporating a custody and crime investigation centre, police station, specialist operations and local policing teams
• A custody and crime investigation centre and police station at 90 Gloucester Road, Patchway
• A custody and crime investigation centre at Ashmead Road, Keynsham; and
• A tri-force firearms training centre at Black Rock Quarry, Portishead – serving Avon and Somerset, Gloucestershire and Wiltshire Police.

Work has begun at Black Rock Quarry and Express Park and building will start at Gloucester Road and Ashmead Road early in 2013. The new buildings will open from early 2014.

The senior funding of £76m is being provided by Aviva Commercial Finance with total equity investment by the consortium members of c. £6m.

Quayle Munro Project Finance provided financial advice to the consortium, with White & Case giving legal counsel and Leigh Fisher acting as technical advisor. DLA Piper acted as lender’s legal advisor and PKF performed the model audit.

Moray Watt, Partner at Quayle Munro Project Finance said:

“Quayle Munro Project Finance is delighted to have been part of this transaction, assisting the consortium to achieve financial close on this project especially in a difficult funding environment.

Our experienced team is actively involved across the social infrastructure sector and this is just the latest in a long line of successful project closes.”

Quayle Munro Limited is pleased to announce that it has advised John Laing Investments Limited on structuring and securing the senior debt funding package to support the construction of the 10.25MW Bilsthorpe wind farm.

The senior funding package, totalling £20m, is provided by Nord/LB and consists of a term loan, equity bridge loan and VAT facility.  The term of the debt is 15 years post construction.  The wind turbines and long term service package will be provided by REpower with Blackwells undertaking the balance of plant.  All power will be sold to Statkraft under a 15 year power purchase agreement.

The wind farm, developed and to be managed through construction by Peel Energy, will comprise five REpower 2.05MW MM82 wind turbines.   Full power generation is scheduled for June 2013.

Quayle Munro acted as Financial Adviser to the borrower with Addleshaw Goddard as legal adviser.  DLA Piper acted as legal adviser to the bank with Sgurr and JLT providing technical and insurance advice respectively.

This transaction further enhances Quayle Munro’s reputation in the renewable energy sector and follows on from Wadlow Wind Farm, where Quayle Munro advised Barclays Infrastructure Funds on the acquisition and financing and also Carraig Gheal Wind Farm and Hog Jaeren Wind Farm, where Quayle Munro provided financial advice to the respective project companies.

Clare Lacey, Director, Quayle Munro said:

“Quayle Munro is delighted to have been part of this transaction.  We are pleased to have successfully supported John Laing to achieve financial close for its first onshore wind project financing.

Quayle Munro is actively involved across the renewable sector and this is the latest in a long line of successful transactions delivered by a very experienced and independent team”.

Ross McArthur, Head of Renewable Energy for John Laing, said:

”The Quayle Munro team has brought a wealth of renewable and project finance experience to the Bilsthorpe wind farm project, which has been instrumental in helping us to secure the senior debt funding package and power purchase agreement for the development.”

QM advised the University of Essex in relation to its contract with Uliving (a consortium of Bouygues, Equitix and Derwent Housing Association) to build, finance, maintain and operate a new 648 room residence on campus and transfer an existing 766 room residence into the SPV.

Quayle Munro is pleased to announce that it has advised Jæren Energi AS on structuring and securing the senior debt funding package, which has been put in place for the construction of the second phase of the above project. Jæren Energi AS is a project company established to develop the Høg-Jæren EnergiPark wind farm, near Stavanger, and is majority owned by Eurus Energy, which in turn is jointly owned by Toyota Tsusho Corporation and Tokyo Electric Power Company.

Høg-Jæren EnergiPark was the first wind farm to be project financed in Norway and this second phase of financing follows on from the successful completion of Phase 1 in the autumn of 2011. The debt funding is again being provided by ING and Nordea with both banks taking full commercial risk, whereas a portion of Phase 1 was supported by EKF, the Danish Export Credit Agency. This demonstrates the success of Phase 1 and the confidence that the banks are showing toward the sponsor group and project structure.

Given the complexity of the transaction the role of international lawyers, Watson Farley & Williams, was critical alongside that of the local law firm Schjodt.

Phase 2 comprises an additional 6 Siemens 2.3MW turbines taking the final capacity to 73.6MW. Documentary close was achieved on 25th January and full financial close was reached on 2nd February 2012. An additional €16m of debt facilities has been secured together with additional grant funding from Enova and shareholder equity. The total cost for the project is c €170m.

The wind farm benefits from a favourable geographic location close to the coastline and a high wind regime. Phase one of the project became operational in September 2011 and construction of the second phase of the wind farm will commence in April 2012, with the additional turbines anticipated to become fully operational in December 2012.

Advised NNT LIFTCo in structuring and financing a new joint service centre.