The cross-sector energy team at Wragge Lawrence Graham & Co has advised client Grid Essence on the sale of a portfolio of eight solar energy parks and the subsequent refinancing of the projects.

The first phase involved the sale of the portfolio of solar parks to Capital Stage, a German publicly-listed solar and wind park operator, for £67.7 million.

Subsequent to the sale, seven parks were refinanced, by way of a £40 million solar note issue by TRFC 2014, to Legal & General Investment Management Infrastructure.

Partner David Ponsford, who led on the transaction, said: “We are extremely pleased to have successfully closed on the sale of these solar projects for Grid Essence and on the listed refinancing.

“What we are seeing here is clear evidence that, given the right deal structure, investors are increasingly keen to back renewable energy projects and to look at alternative forms of debt financing.

“In this case, refinancing by way of listed notes is an unusual and imaginative financing solution that served our client’s best interests.”

The complexity of the transaction required a large, cross-practice team.