Acting as co-mandated lead arrangers and co-lenders, EDC and NatWest together provided £130 million to support the construction of the Limekiln wind farm, owned by Quebec-based energy producer Boralex.

With the capacity to produce enough low carbon power to meet 40,200 homes’ needs, at a saving of 65,000 tonnes of emissions, the project is Boralex’s largest scheme in Europe and its first project financing in Britain.

Advising the two lenders on the deal, Burges Salmon provided banking, finance, energy, real estate, planning and construction expertise. The team was led by partners Stuart McMillan, Lloyd James, Alex Whiter and Euan Bremner, supported by directors Alistair Rattray and Laura Sharples, senior associates Alison Logan and Owen Watkins, associates Amy McPherson and Kirsten Ogg, solicitors Thomas Papke and Chris Glendinning and trainee solicitors Gemma Hines and Carys Cox.

Stuart McMillan, pictured, commented: “It has been a pleasure working with NatWest and EDC to unlock this significant capital for Boralex’s flagship project in the UK, one that will greatly benefit local communities, providing zero-carbon electricity and delivering an array of social, economic, and environmental benefits. In what was a complex deal, our experience advising on these types of financing transactions in the renewables sector meant we were able to work together with all parties, and across multiple jurisdictions, to bring this landmark project to fruition.”

Kristofer Gibson, a NatWest director for infrastructure project finance, said: “We’re delighted to have had the opportunity to support Boralex with its maiden financing and development in the UK market. The debt facility is another example of NatWest’s commitment to actively help building a greener economy and future by providing £100 billion Climate and Sustainable Funding and Financing to our customers by the end of 2025.”

Combining sector knowledge with banking and finance expertise, Burges Salmon provides tailored advice from a range of perspectives to support lenders and borrowers on complex financing transactions in the UK and internationally. Working across sectors, the firm acts for some of the world’s largest banks, building societies and over 50 financial institutions, alongside numerous PLCs and large corporate clients globally.

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Headed by Devrim Celal, the fulfilment platform has announced a multi-year deal with municipal utility Saint John Energy, (SJE) in New Brunswick on Canada’s east coast, licencing Kraken’s end-to-end customer service platform.

As Kraken’s first partner in the North American energy market to license its customer platform, SJE can now use Kraken to support its progress towards a decentralised, decarbonised grid for its 36,000 customers.

SJE will adopt Kraken’s end-to-end utility operating system, enabling it to create & brand new green energy-focused services, deliver advanced customer care through relentlessly efficient processes, and flexibly manage its distribution network.

Kraken, which is part of Octopus Energy Group, will import and integrate all of SJE’s residential & business customers onto its all-in-one customer service, billing, optimisation, and asset management platform.

As Canada’s oldest incorporated city, Saint John on the 45^th parallel has been a test bed for electrification. Its 70,000 or so inhabitants face average January temperatures of minus 12 Celsius, and 167 days a year when temperatures do not rise above freezing point.

So the municipal power provider has had to come up with energy innovations, deemed among the most forward-looking in north America. More than 75 percent of the city’s customers have homes & premises heated by electricity. More than 70 percent of customers rent water heaters, and more than 20 percent of residents rent heat pumps.

In 2019, SJE became the world’s first utility to deploy a Tesla Megapack to store power, cut greenhouse gas (GHG) emissions, and reduce grid strain.

As the utility continues to employ solutions to reach Net Zero, the partners say Kraken’s end-to-end management platform will be critical in supporting the utility’s future energy transaction needs while easing emerging grid constraints resulting from new technologies in renewable generation and consumer low-carbon behaviours.

Greg Jackson, founder of Octopus Energy Group, said: “Around the globe, Kraken partners with some of the most trusted energy brands to decentralise, decarbonise, and above all, modernise the grid.

“Saint John Energy’s track record as an innovative early adopter makes this partnership a natural fit for us as we look to drive the energy transition worldwide. As our first utility and distribution partner in North America, we are excited to support Saint John Energy in bringing more affordable, reliable solutions to its customers in Canada.”

Ryan Mitchell, president and CEO of Saint John Energy said: “We’re proud and excited to partner with Kraken, which not only has a transformative platform but an international reputation for best-in-class solutions tailored to the energy industry.”

“Implementing its solutions will give our customers more information and control over their energy needs” Mitchell added.  “It will allow Saint John Energy to pursue more innovative solutions in clean energy and the transition to Net Zero.”

The Canadian deal follows Kraken’s recent pilot partnership to reduce grid constraints in Connecticut, its successful U.S. launch of SmartFlex, and a licensing agreement with a Texas-based energy asset manager, Tenaska.

Kraken currently looks after 54 million utility customers across the globe. Managing around 155,000 domestic devices— or over 38 GW of contracted power, it stands as one of the largest residential virtual power plants in the world.

The post Can-ada-do: Octopus’ service platform takes toehold in New Brunswick appeared first on theenergyst.com.

Québec-based financiers CDPQ and asset manager Pollen Street Capital are jointly underwriting the firm’s new asset-backed credit line, boosting its mission to provide an alternative to traditional car leasing.

Founded in 2018 by Dannan O’Meachair and former Jaguar Land Rover strategist Rob Jolly, pictured, Onto is at pains to stress no-deposit subscription as a market-creating mechanism to get drivers behind the wheels of amp-eaters across its 25 model range, from Fiats to top-end Teslas.  The company has a fleet of 7,000 EVs in the UK, and employs 160 people.

The £100 million asset-backed facility will enable Onto to continue expanding its UK fleet with the latest electric car models.

Pollen Street has been a finance partner with Onto since July 2021. The facility also represents a new partnership between Pollen Street and the Canadians.

Onto’s monthly subscription model is all-inclusive of insurance, breakdown cover and free public charging. The firm expects no long-term commitment from subscribers, who are free to swap cars every month.

Co-founder Rob Jolly said: “The support of Pollen Street and CDPQ will turbocharge our UK growth plans and consolidate our position as the leading electric car subscription service.

“This is a pivotal moment for the adoption of electric cars and at Onto we want to make them more accessible and affordable to people who want to make environmentally-conscious choices.

CDPQ’s head of fixed income investments Marc Cormier responded:  “Onto provides an attractive and comprehensive subscription alternative to access EVs in an industry gaining momentum for environmentally-friendly modes of transportation.

“Building on the experience of investing in other leading asset-backed platforms by our Capital Solutions team—which provides flexible and innovative capital solutions to meet the evolving needs of companies—this financing will support Onto’s growing EV fleet.

Pollen Street partner Matthew Potter opined:  “Building on our relationship with Onto, we are excited to once again work with a business that has a strong mission to enable access to EVs and encourage the switch to greener mobility”.

Onto has raised £340 million in total in equity and debt, most recently completing its £45 million Series C raise. In 2022, the business was recognized by Deloitte as the fourth fastest growing UK tech business in its Fast 50 list.

Onto says its subscribers saved 4.8 million litres of petrol in 2022, as they travelled over 45 million miles, more than double the previous year.

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