Ashurst has advised Fuyo General Lease (USA) Inc. on the financing of the development and operation of two battery energy storage facilities in Cuxton, Kent and Tollgate, St Albans, England.

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    Fuyo is lender of a secured senior facility which shall be used to fund the construction of the projects and which upon reaching completion, shall become a term facility to fund operations. There is a separate secured mezzanine facilities agreement and VAT facility each with Nippon Koei Energy Europe B.V. as lender.

    The Ashurst team was led by partner Antony Skinner, supported by senior associates Shingo Ito, Peter Grayson and Harriet Gray and associates Elle Hansen and Ellie Conroy. Real estate advice was provided by partner Jamie Chapman, counsel David Razzell and Charlie Reid, consultant Alexander Brown and associate Joanna Fox. Partner Paul Miller and associate Shayaan Bari Zaraq advised on tax matters.

    Antony Skinner commented:

    "We are delighted to have advised Fuyo General Lease Co., Ltd. on this matter with Nippon Koei. This is a significant transaction as we start to see senior debt financings of battery storage projects in the UK".