Blake Morgan advises Development Bank of Wales on its largest ever strategic funding deal
Blake Morgan has advised the Development Bank of Wales on its first syndicated loan to help Bluestone Resorts grow and deliver on net zero goals.
It is the largest ever strategic funding deal for the Development Bank who, along with Barclays, have made available a syndicated sustainability-linked facility to Bluestone Resorts, which operates Bluestone National Park Resort, a 500-acre holiday resort in Pembrokeshire.
The loan will enable Bluestone to continue with a major sustainable investment programme that is already underway, including the ongoing development of the resort with a five-hectare solar farm that will generate 3.2 megawatts of electricity a year. The new solar farm is expected to provide up to 30% of Bluestone’s annual electricity usage.
Paul Duggan, Partner in Blake Morgan’s Banking and Finance team, who worked on the deal with the Development Bank of Wales, commented:
Bluestone is such a great success story for the Welsh tourism industry and we are thrilled to have assisted the Development Bank of Wales in delivering this funding to Bluestone. This funding will help Bluestone to deliver on their green energy generation and net zero goals and help Bluestone grow and is a real statement about the long-term future of sustainable tourism in Wales.
He added: “It is fantastic to see the Development Bank investing in a project of this scale. It’s a first of its kind for them. We were very pleased to support them on this matter and we look forward to working with them on their future strategic projects.”
Rhodri Evans, Deputy Fund Manager at the Development Bank, said:
We were pleased to work alongside Blake Morgan on this deal, which helped us to achieve our largest ever strategic investment. The work due to take place at Bluestone is very promising, and I’d like to thank Paul and all of those at Blake Morgan who advised us.
Blake Morgan provide a high quality service to meet the needs of funders, lenders and borrowers in all types of financing transaction. Find out more about their banking and finance expertise here.
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