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News - 08 August 2012

Herbert Smith is advising Sustainable Development Capital LLP (SDCL) in its role as manager of a new UK-domiciled fund which will invest in non-domestic energy efficiency projects in the UK. The fund signed on 25 July 2012 and will complete at the end of August.

UK Green Investments, the investment bank set up by the Government to deliver on its commitment to "setting the UK firmly on course towards a green and growing economy, while also delivering long-term sustainable growth" has agreed to invest £50m in the new fund - named UK Energy Efficiency Investments 1 L.P. - with SDCL committed to raising and investing a further £50m from other sources.

Herbert Smith began acting for SDCL during the bid process held by UK Green Investments, which was established by the Department of Business, Innovation and Skills.

The Herbert Smith team advising SDCL is being led by corporate partner Thiha Tun assisted by Stephen Newby, Claire Conway and David Evans.

Thiha Tun commented: "The investment policy of the fund provides for investments in projects aimed at reducing greenhouse gas emissions and the deployment of energy efficiency measures in public and private infrastructure, we are delighted to be advising SDCL on such an innovative investment product."

Norton Rose is advising UK Green Investments and the Department of Business, Innovation and Skills on the deal