Lux Nova advise Leapfrog Finance on groundbreaking solar plus storage deal
The deal has been hailed by Gridserve as one of the UK’s most advanced solar farms heralding a new era of subsidy-free renewable energy.
Leapfrog Finance was supported by Lux Nova Partners to co-fund the landmark partnership between Gridserve and Warrington Borough Council for two large scale solar farms in the UK – a 34.7MWp hybrid solar farm plus 27MW battery storage system at York and a 25.7MWp solar farm near Hull. These pioneering projects, will supply 100% of the Council’s electricity cleanly, and generate millions of pounds every year to fund essential services and support economic regeneration in Warrington.
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Louisa Cilenti of Lux Nova Partners congratulates everyone at GRIDSERVE and Warrington Borough Council for having the vision to undertake this amazing deal. Lux Nova are very pleased to have supported Leapfrog providing £11 million of mezzanine funding for the transaction, and their instrumental role in ensuring the transaction will generate over £2million in community benefit over the life of the project. We are excited to see what future deals can spring from this one.
Claire Hanratty, CEO of Leapfrog has commented that “The knowledge and professionalism that Louisa brought to the deal was second-to-none, addressing project financing risks, the complexities of a commercial & local authority transaction and enabling Leapfrog to secure £2.25m in community benefit funds to help local people in the Warrington area. We are enormously proud to partner with Lux Nova.”