Evero
HCOB acted as Mandated Lead Arranger and Hedging Bank in a club deal to fund a 65.4 MW portfolio of three fully operational energy from waste assets (powered by waste wood) in England and Northern Ireland. Purpose of the financing was to acquire the remaining minority shares in the assets and repay external shareholder loans including the outstanding project debt.
Energy generation plants from waste wood
Waste wood makes an enormous contribution on the way to climate-friendly and affordable energy generation and is an important building block in the energy transition. The use of waste wood as a biomass offers advantages such as being a renewable fuel source, locally sourced and cost effective.
Project details
Evero Energy Group Limited, founded in 2015 and owned by Infracapital, is an independent renewable power producer which manages one of the UK´s largest portfolios of EfW and waste wood facilities. Its overall portfolio includes 4 operational assets with a total capacity ca. 70 MW in Scotland, Nothern Ireland and England with additional plants in the commissioning phase. The assets are fuelled by locally sourced waste wood that is provided by reputable suppliers such as Veolia or Esken Renewables. Electricity is sold via long-term route-to-market PPAs to creditworthy offtakers such as Centrica, npower and Power NI. The Borrower also benefits from Renewables Obligation Certificates granted by the UK government.
The GBP 215.2m financing package with maturity in December 2027 includes a GBP 195.2m term loan facility, a capex loan of GBP 10m and a GBP 10m RCF. HCOB committed GBP 40m plus pro-rata swap and was able to diversify its portfolio by financing this energy transition asset.
Key facts
| Volume | GBP 215.2 million |
| HCOB participation | GBP 40 million |
| Product | Term Loan, Capex Loan, RCF, Interest Rate Hedging |
| Roles of HCOB | Mandated Lead Arranger, Hedge Provider |
| Year | 2023 |
We are pleased to support Evero in its consolidation and growth strategy. Evero is one of the largest energy-from-waste operators in the UK, supplying thousands of homes with electricity generated from processing waste materials.
Inka Klinger, Head of Project Finance
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Inka Klinger
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