LONDON – Bracewell (UK) 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, commented: “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.”
Bracewell lawyers involved in the transaction include:
Partners: Gordon Stewart and Tom Jamieson
Senior Counsel: Leslie Hansen
Senior Associate: Jessica Hastings and Mark Kahn
Associate: Brandon Price
