Debt funding will enable the refinancing of six wind turbines
London, 24 August 2020: Beringea today announces that it has advised and arranged debt funding worth up to £225,000 to Moor Leasing, an asset financing business headquartered in Yorkshire. The funding package, provided through Beringea’s ProVen Legacy, will enable Moor Leasing to refinance its portfolio of six wind turbines.
Moor Leasing is led and owned by Peter Smeaton, an experienced investor and entrepreneur who has managed the business since its foundation. Peter has previously held senior roles in asset finance and business development at GE Capital and Citibank, where he was responsible for asset-based finance business development in EMEA.
Moor Leasing owns and operates six remote wind turbines located across North West Scotland and the Western Isles. The turbines generate renewable energy and benefit from the Feed-in Tariffs scheme, a UK Government programme designed to promote the uptake of low-carbon electricity generation technologies.
This is the first funding package provided by ProVen Legacy to a company in the renewable energy sector. This growing industry remains a cornerstone of the UK Government’s push to achieve net zero by 2050, with substantial support available to renewable and low-carbon technologies.
Mark Taylor, Partner at Beringea LLP, the Lending Adviser to ProVen Legacy, commented: “Peter is a highly experienced operator, with a successful track record in asset finance and leasing. The funding provided by ProVen Legacy is testament to this experience and expertise, as well as our interest in the growing renewable industry in the UK.”
Peter Smeaton, Director of Moor Leasing, commented: “The team at Beringea put forward and delivered a funding package that perfectly matched our income profile and reflected the long operating life of the assets. Getting this over the line during the current crisis was a challenge but Beringea delivered on their promises and we look forward to working on our next project.”
ProVen Legacy was set up by Beringea in 2017 to help investors mitigate inheritance tax using Business Property Relief, an incentive established by the UK government to encourage investment into trading businesses. Investors in ProVen Legacy will benefit from up to 100 percent inheritance tax relief on the value of their shares, provided that they have been held for at least two years at the time of death. Investments will be used to support growing companies across a range of industries as they enter the later stages of their scaling journeys, offering loans of up to £5 million.