Our Environment

Environmental Sustainability and our clients

Sustainability-linked finance

Sustainability-linked finance is the fastest-growing segment of the credit markets, as businesses seek to align their financing arrangements with their sustainability goals and lenders develop innovative products that help finance the global transition to a low-carbon economy.

We have worked with Silbury Finance, a real estate development lender backed by Oaktree Capital Management, to integrate sustainability-linked financial incentives for borrowers on a series of transactions since the fund’s inception in 2020, including:

The £39m development financing of retirement living villages in Kent providing 89 new apartments, club house and associated amenities (café, bar, bistro, restaurant etc.)

A £74m facility to finance the development of 607 residential units and commercial space in York, advising on complex subordinated debt arrangements, environmental issues and intricate issues relating to a conditional sale agreement for a connected piece of land.

Renewable energy

Ending our reliance on fossil fuels and transitioning to clean and renewable sources of energy, including wind and solar, to power our homes and businesses, is critical to decarbonising the global economy and mitigating the worst effects of climate change. We work with clients at the cutting edge of renewable energy infrastructure, development, engineering and finance including:

A wind farm operator on various planning, real estate and regulatory matters relating to their ongoing operation.
A joint venture formed by French engineering contractor CNIM and construction company Clugston in connection with the construction of a £68m waste-to-energy facility.
The owners of the Westmill project in Oxfordshire on the development of the largest combined solar and wind farm in the UK.
A Gloucestershire landed estate on the grant of an option agreement over 171 acres for a 50 MW solar park project with a third-party developer.
Renewable Power Exchange in connection with the financing and development of a wind farm in East Lothian, Scotland.
The option agreement and lease for a 40-year term in respect of a combined wind, solar, and battery energy project across approximately 23 turbines.

Biodiversity net gain and nutrient neutrality

Understanding environmental and social impacts, and delivering positive outcomes are increasingly important in the planning process. At a national level, planning policy seeks to achieve sustainable development with net gains across economic, social and environmental objectives.

In particular, securing biodiversity net gain is set to become mandatory following the introduction of the Environment Act 2021, which is likely to require a minimum of 10% net gain from November 2023. This requires analysis of the baseline biodiversity value of a site before an application is submitted using Defra’s biodiversity metric, and approval of plan to secure the necessary gains. On-site gains are preferred, but where this is not possible, a plan can cover off-site gains or purchase of biodiversity credits. We are helping our developer and landowner clients navigate the net gain requirements and develop management arrangements to secure them for periods of 30 years or longer.

In addition, rising nutrient levels in certain rivers, estuaries and wetlands has compelled Natural England to issue advice to local authorities effectively freezing development in a number of areas of England – unless developments can demonstrate “nutrient neutrality”. More than 100,000 homes are now being delayed across 74 local authorities due to nutrient concerns. We are monitoring government proposals for tackling this issue, while helping our clients develop bespoke arrangements where practicable.

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