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Nabarro advises renewable energy company on placing of shares and acquisition
9 January 2007
Nabarro advises renewable energy company on placing of shares and acquisition
Nabarro has advised Novera Energy Limited (Novera) on its conditional agreement to acquire the 50 per cent holding in Novera Macquarie Renewable Energy Joint Venture Limited (NMRE) from Macquarie Renewables Limited for £30 million.
Novera is a leading independent UK renewable energy producer. NMRE was established in the UK in December 2004 as a 50:50 joint venture between Novera and Macquarie Bank Group, to form a vehicle for operating and acquiring landfill gas and biomass renewable energy assets. NMRE currently has one of the largest diversified renewable energy portfolios with 59 sites in the UK.
The acquisition will be financed through funds to be raised by the proposed placing of 69,090,910 new Novera ordinary shares at 55p per share to raise £38 million before expenses. The share placing was fully underwritten by N M Rothschild & Sons Limited.
The team at Nabarro was led by corporate lawyers Gareth Jones and Ed Craft, assisted by Eleanor Baxter. Macquarie was advised by Simon Pollack at BLP. Rothschild was the financial adviser to Novera in relation to the acquisition. Oriel Securities acted as the nominated adviser and joint broker to Novera, with Kaupthing.
Corporate partner Gareth Jones said: "It was great to work with Novera on this transaction as the acquisition is an important step in the company’s development and the consolidation of ownership of NMRE will bring a number of benefits to Novera. The deal deployed our expertise and understanding of the energy sector and we look forward to working together with Novera again in the future".
For further information, please contact:
Charlotte Tandy
Lansons Communications
020 7294 3706
charlottet@lansons.com
or
Gareth Jones
Partner
Nabarro
020 7524 6209
g.jones@nabarro.com
