Bracewell LLP Advised Lenders To VPI Power On £280 Million Financing Of 2-GW Flexible Generation Portfolio

Bracewell LLP Advised Lenders to VPI Power on £280 Million Financing of 2-GW Flexible Generation Portfolio

Bracewell LLP advised the lenders to VPI Power on a £280 million financing package (with an option to raise additional incremental facilities) for VPI’s 2-GW flexible generation portfolio across the UK. The portfolio of thermal power plants supplies 2,050 MW of flexible generation capacity and participates in the Capacity Market. The transaction involved a seven-bank syndicate led by Lloyds Bank PLC as structuring bank which provided a pro-rata Term Loan and Debt Service Reserve Facilities and interest rate swaps.

Gordon Stewart, who led the transaction for Bracewell, said, “Thermal power remains a fundamental component of the energy transition, and we are delighted to have the opportunity to work on creative financing solutions such as this.”

The Bracewell LLP team was led by Gordon Stewart (Partner), and Tom Jamieson (Partner), Leslie Hansen (Senior Counsel), Jessica Hastings (Senior Associate), and Mark Kahn (Senior Associate), Brandon Price (Associate)

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