Blake Morgan advises Development Bank of Wales on its largest ever strategic funding deal

Posted on 10th January 2024

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.

If you need banking or finance legal advice

Speak to one of our specialist lawyers

Arrange a call

Enjoy That? You Might Like These:

Shaping plans for business growth with Venturefest
9 July
Business leaders, innovators, and entrepreneurs from across the South are invited to register for Venturefest South’s dynamic VFS Rumble Business Growth Series, starting on 18 July with ‘Shaping Your Plans... Read More
Blake Morgan advises the South’s leading recruitment companies
5 July
In the first half of 2024, Blake Morgan has advised two multi-award-winning recruitment companies headquartered on the South Coast in Hampshire, helping them on their path to achieve their strategic... Read More
Blake Morgan announces 49 promotions across UK offices
3 July
Leading law firm Blake Morgan has announced a host of new summer promotions, recognising the exceptional work of its employees over the past year, and the excellent service they provide... Read More
Click here for more news features