Wattstor is a next-generation energy company that provides commercial and industrial customers with low-cost renewable electricity. The business develops, installs and operates onsite renewable generation and battery energy storage systems, supporting customers to achieve greater long-term energy cost certainty and reduce exposure to market volatility.
Aldermore Bank is a UK specialist bank providing funding solutions to small and medium-sized businesses. Through its energy and infrastructure finance team, Aldermore supports renewable energy and infrastructure projects across the UK.
The new facility will be used to part-fund Wattstor’s first three Price Protect projects, with further drawdowns expected as additional projects reach financial close. The funding will support Wattstor’s plans to finance more than 15 projects over the next 12-24 months.
The debt financing is complemented by additional equity investment from Wattstor’s private equity backer, Ara Partners.
Leading the Freeths team on this deal was Banking & Finance Partner Amy McVey, supported by Head of Clean Energy Clare King, Corporate Managing Associate Megan Atack and Banking & Finance Associates Rebecca Banner and Jay Elder.
Amy McVey, partner at Freeth’s said: “This transaction provides Wattstor with a flexible and scalable funding platform to support the continued rollout of its Price Protect portfolio.
“It was a pleasure to work with the Wattstor team and the wider adviser group on a deal that has been carefully structured to accommodate ongoing project deployment.”
