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Recent Updates

  • Amberside 10:30 am on November 14, 2018  

    ICAEW: FINANCIAL MODELLING CODE – A GUIDE FOR BEST PRACTICE 

    Financial modelling drives decision-making throughout the business world, but still there is no universally accepted set of agreed principles for best practice. In its informational guide, Financial Modelling Code, ICAEW’s (The Institute of Chartered Accountants in England and Wales) Excel Community provides essential practical guidance on universal tenets of best practice in the field to minimise spreadsheet risk. The guide was released at a launch event last night at Chartered Accountants’ Hall in London.

    The report captures the main guidelines for coherent and correct financial modelling as well as spreadsheet creation to build strong models and reduce errors. In preparing the Code, ICAEW compared and analysed seven organisations’ modelling standards and took input from over a dozen modelling and professional services organisations.

    David Lyford-Smith, ICAEW Technical Manager, said: “There are various courses, standards and guides available that explain how to build models, each with their own ideas about what the appearance, layout and functionality of a model should be. While there is much consensus among these methodologies, for both procurers and practitioners there is no universally accepted set of agreed principles for how to carry out financial modelling. Most existing methodologies were developed with particular sectors or practices in mind; hence, they are frequently detail-oriented and not accepted very widely.”

    This inconsistency is concerning as David explains: “Improper practice such as incoherent methods, or lack of review and oversight, negatively impacts the world economy. This guide was created to support best practice in creating financial models that are robust, understandable and less likely to contain errors. Each section of the Code addresses a particular element of constructing a model presenting specific recommendations including several options, representing generally suitable and widely adopted approaches.”

    ICAEW’s Corporate Finance Faculty has also produced a more detailed publication, entitled Best Practice Guideline: Financial Modelling, which conforms to this Code and explains how to carry out financial modelling in a corporate finance transaction context.

    Neil Rutledge, Director, Amberside Advisors Ltd, said: “As one of the UK’s leading financial modelling organisations, Amberside Advisors are proud to be involved with the development and publication of the ICAEW Financial Modelling Code.

    “This achievement follows on from the recognition by ICAEW of Amberside’s own financial modelling standard earlier this year.”

    The full report can be found here: icaew.com/financialmodelling

     
  • Amberside 9:22 am on November 13, 2018  

    NLWA (NORTH LONDON WASTE AUTHORITY) APPOINTS FINANCIAL ADVISORS 

    North London Waste Authority (NLWA) has awarded a contract for financial advisory services in connection with the implementation of the North London Heat and Power Project (NLHPP).

    The contract was awarded to lead financial advisor Amberside Advisors Ltd.

    The NLHPP is NLWA’s project to construct an Energy Recovery Facility and associated plant to replace the existing energy from waste facility at the Edmonton EcoPark, which is expected to reach the end of its operational life around 2025.

    Neil Rutledge, Director, Amberside Advisors Ltd, commented:
    “We are delighted to be appointed by the North London Waste Authority to advise on the optimal funding strategy and provide supporting financial advice for the redevelopment of this major infrastructure asset, which is of national significance.”

    Amberside Advisors Ltd is an independent consultancy providing financial advice to large scale energy, infrastructure, accommodation and public services projects. Its clients include the public sector, large institutional investors and project sponsors. Recent mandates include advising Ofgem on policy changes for competitively tendering developer-built offshore transmission assets and introducing competition into new-build onshore transmission (Hinkley – Seabank connection).

    Amberside Advisors is part of the Amberside group, made up of like-minded, complementary, businesses which include:

    Amberside Advisors – corporate finance practice to the infrastructure and energy sectors – http://www.amberside.uk
    Amberside Energy – technical advisory practice to the energy sector – http://www.ambersideenergy.com
    Amberside Capital – FCA-regulated fund manager with an infrastructure focus – http://www.amberside.com
    Amberside Accounting – ICAEW-regulated accountancy practice – http://www.amberside.uk

     
  • Amberside 11:14 am on November 6, 2018  

    AMBERSIDE SUPPORTS OXFORD CAPITAL IN THE COMPLETION OF THE SECOND PHASE OF THEIR UK SOLAR PV REFINANCING PROGRAMME 

    In December 2017 specialist investment manager Oxford Capital completed the first of three planned phases of the refinancing of their 92MWp UK Solar PV portfolio. Today the firm has announced the completion of the second phase of the programme. This second phase saw a further £19m provided by Oxford Capital and funds managed by BlackRock, with funding provided at the holding company level.

    IDCM Limited acted as Arranger on the transaction with legal advice provided to the parties by Osborne Clarke and Burges Salmon.

    Oliver Hughes, Partner at Oxford Capital, said “We are delighted to have completed the second phase of this refinancing programme. This high quality portfolio of solar PV assets continues to perform well, and our in-house portfolio management team continue to ensure maximum value is realised for our investors. We are pleased to have worked with Blackrock on this phase of the portfolio refinancing. Thanks also to IDCM for their professional approach.”

    Jean-Christophe Oberto, Executive Director at IDCM Limited said, “Following our successful cooperation last year, we are very pleased to have worked with Oxford Capital again on another innovative transaction. The renewable sector is experiencing a shift from subsidy-based revenues to merchant-based revenues and, we believe that, against this context, HoldCo financing will become more popular in Europe, in particular for greenfield projects. We are committed to assisting our clients through this transition and helping them achieve their financing goals.”

    Jonathan Stevens, Head of European Infrastructure Debt at BlackRock, said: “We are delighted to have made this debt investment on behalf of our institutional clients. This financing provided an opportunity to extend our investment in the UK renewable energy sector with an experienced partner and at an attractive return.”

     
  • Amberside 2:18 pm on October 16, 2018  

    BEIS LAUNCHES HEAT NETWORKS INVESTMENT PROJECT MAIN SCHEME 

    Today Department for Business, Energy and Industrial Strategy (BEIS) has launched the Heat Networks Investment Project main scheme.

    Find out more about the scheme here

     
  • Amberside 12:03 pm on October 16, 2018  

    AMBERSIDE TO LEAD ON INVESTOR RELATIONS FOR HEAT NETWORKS DELIVERY PARTNER 

    For more information, click here

     
  • Amberside 12:00 pm on October 16, 2018  

    AMBERSIDE ASSISTS NEW PRIMARY & COMMUNITY CARE CENTRE IN LISBURN TO REACH CLOSE 

    Amberside Advisors Ltd acts as financial advisor to a consortium of Kajima, O’Hare McGovern and GPIC to successfully close a contract with the South Eastern Health & Social Care Trust (HSC) for a new £40 million Primary and Community Care Centre for Lisburn, Northern Ireland.

    Amberside sourced long term project finance debt from Nord LB alongside finance from the consortium to be repaid over the 25-year operational life of the project.

    Neil Rutledge, Director, Amberside Advisors Ltd, commented:- “Amberside Advisors Ltd is delighted to have supported the consortium to win and close this pathfinder project.”

    The project is expected to start construction in April 2019 and be completed by 2021 representing a major economic boost for the Lisburn region. The new 12,792sqm building will provide some 250 jobs and will bring eight existing GP Practices together with health services from various locations. It will transform and integrate health and care services for the Lisburn community so people will be able to access diverse specialist services, care and support in the community setting.

     
  • Amberside 2:00 pm on September 19, 2018  

    AMBERSIDE ADVISES SEMPERIAN TO ACQUIRE A 50% STAKE IN A HOSPITAL PFI FROM BALFOUR BEATTY FOR £43M 

    19 September 2018

    Amberside provided financial advice to Semperian PPP Investment Partners who have acquired a 50% stake in a hospital PFI in Kirkcaldy Fife, from Balfour Beatty for £43m. InfraRed Infrastructure Yield Fund owns the other 50% in the Fife project. Balfour completed the £170m new hospital wing linked to the existing Victoria Hospital in 2011 through a public private partnership with a 30-year concession. Semperian will pay for the hospital in cash, which Balfour Beatty will use this year to pay down borrowings.

    Semperian were advised by Amberside (financial), Stephenson Harwood (legal), Imagile Professional Services (asset management) and DSSR (engineering).

     
  • Amberside 6:03 pm on July 9, 2018  

    AMBERSIDE SUPPORT JLEN IN c£36m ACQUISITION OF TWO ANAEROBIC DIGESTION (AD) ASSETS 

    09 July 2018

    JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
    (“JLEN” or the “Company”)Acquisition of two anaerobic digestion plants

    JLEN, the listed environmental infrastructure fund, is pleased to announce the acquisition of two anaerobic digestion (AD) assets, Egmere Energy Limited and Grange Farm Energy Limited, for a total consideration of c.£36 million.

    The Egmere Energy AD plant is located in Egmere, North Norfolk and was commissioned in November 2014. The plant has a thermal capacity of c.5MW and predominantly produces biomethane to be injected to the national gas grid. In addition, the plant also has a 0.5MW CHP engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT) schemes. The Grange Farm Energy AD plant is located in Spridlington, Lincolnshire and was commissioned in December 2014. The plant has a thermal capacity of c.5MW and predominantly produces biomethane to be injected to the national gas grid. In addition, the plant also has a 0.5MW CHP engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT) schemes. The AD plants have been acquired from venture capital funds managed by Downing LLP, EIS funds managed by Amersham Investment Management Ltd and minority shareholders. Future Biogas Limited will continue to provide management, operations and maintenance services to the AD plants after the acquisition.

    The acquisitions build on JLEN’s growing portfolio of AD projects and bring the total capacity of the renewable energy assets in the JLEN investment portfolio to 269.2MW.

    The acquisition was funded by a draw-down under the Company’s revolving credit facility.

    Richard Morse, the JLEN Chairman, said “We are pleased with JLEN’s continued investment in the anaerobic digestion sector and look forward to working with our partner, Future Biogas, to continue the strong performance of these assets.”

    For further details contact:

    John Laing Capital Management Limited                        020 7901 3559

    Chris Tanner

    Chris Holmes

     

    Winterflood Investment Trusts                                          020 3100 0000

    Joe Winkleyr

    Neil Langford

     

    Redleaf Polhill                                                                          020 7382 4769

    Charlie Geller

    Harriet Lynch

     

    About JLEN

    JLEN’s investment policy is to invest in environmental infrastructure projects that have the benefit of long-term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.

    Environmental Infrastructure is defined by the Company as infrastructure projects that utilise natural or waste resources or support more environmentally-friendly approaches to economic activity. This could involve the generation of renewable energy (including solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency.

    Further details of the Company can be found on its website jlen.com

     
  • Amberside 2:47 pm on June 22, 2018  

    AMBERSIDE DELIGHTED TO SUPPORT JLEN IN FURTHER INVESTMENT IN VULCAN ANAEROBIC DIGESTION (AD) PLANT. 

    22 June 2018

    JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
    (“JLEN” or the “Company”)

    Further Investment in
    Vulcan Renewables anaerobic digestion plant

    JLEN, the listed environmental infrastructure fund, is pleased to announce a further investment in the Vulcan Renewables anaerobic digestion (AD) plant. The investment consists of provision of funding of c.£8.5m to significantly expand the AD plant’s biomethane generating capacity.

    Vulcan Renewables Ltd was acquired by the Company in August 2017. The AD plant is located in Hatfield Woodhouse, 9 miles north east of Doncaster, South Yorkshire and was commissioned in October 2013. It has a current capacity of 5MWth and predominantly produces biomethane. In addition, the plant also has a 0.5MWe CHP engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT).

    The plant extension will be carried out by Future Biogas, JLEN’s business partner in the AD sector and current service provider at the Vulcan site. The works involve converting the existing storage tank to a primary digester, providing for separate digestate storage, installing an additional biomethane upgrading unit, together with associated engineering, electrical and civil works. The construction works are expected to complete in late 2019. Operations will continue throughout this period with no expectation of significant downtime.

    This further investment in the Vulcan Renewables AD plant will be funded by a draw-down under the Company’s revolving credit facility.

    Richard Morse, the JLEN Chairman, said “We are pleased with our initial investments in the anaerobic digestion sector, and this expansion project is a good opportunity to build out our capability at the Vulcan Renewables AD plant. It represents our first investment in a construction project, and we have taken care to understand and limit the risks involved, including through the choice of Future Biogas as our delivery partner. We are looking forward to a successful delivery and enhanced revenues once completed.”



    For further details contact:

    John Laing Capital Management Limited                             020 7901 3559

    Chris Tanner

    Chris Holmes

     

    Winterflood Investment Trusts                                               020 3100 0000

    Joe Winkleyr

    Neil Langford

     

    Redleaf Polhill                                                                               020 7382 4769

    Charlie Geller

    Harriet Lynch

     

    About JLEN

    JLEN’s investment policy is to invest in environmental infrastructure projects that have the benefit of long-term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.

    Environmental Infrastructure is defined by the Company as infrastructure projects that utilise natural or waste resources or support more environmentally-friendly approaches to economic activity. This could involve the generation of renewable energy (including solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency.

    Further details of the Company can be found on its website jlen.com

     
  • Amberside 5:40 pm on March 12, 2018  

    WE HAVE REBRANDED TO AMBERSIDE ADVISORS LTD 

    About Amberside Advisors Ltd:

    Amberside Advisors, previously known as Clubfinance Project Finance, is an independent consultancy providing financial advice to large scale energy, infrastructure and accommodation projects. Specialising in providing financial advisory services to investors and companies, Amberside Advisors supports major infrastructure projects ranging across wind, solar and biomass, road and rail, schools and hospitals, as well as advising on public service delivery contracts in sectors such as healthcare and justice. The company’s financial modelling helps make sense of projects with a variety of different structures, producing simple, transparent models that are easy to understand, which together with its commercial expertise helps get deals done.

    Amberside Advisors is part of the Amberside Group, made up of like-minded but complementary businesses which together are capable of delivering much wider mandates. As a group it can be much more agile than larger firms, providing a seamless service to clients in a thorough, precise and professional manner. Other members of the group include:

    • Amberside Energy, an energy sector renewables technical advisory practice providing development advisory, transaction diligence and asset management services.
    • Amberside Capital, an FCA-regulated fund management and corporate finance business with a reach across retail and institutional markets.
    • Amberside Accounting, an ICAEW-regulated accountancy practice providing high quality reporting on the performance of infrastructure and renewables assets.
     
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CONTACT INFORMATION
Amberside Advisors Ltd
Directors:
Paul Austin FCA, Philip Rhoden FCA, Neil Rutledge FCA, David Scrivens FCA
Registered Office:
Clubfinance House, 64-66 Queensway, Hemel Hempstead, Hertfordshire, HP2 5HA
Registered in England. Registered Number: 06078852