Dentons advises Pathfinder Clean Energy on €100 million convertible bond investment

London-Dentons has advised Pathfinder Clean Energy (PACE), a clean infrastructure developer and investor, on securing a €100 million convertible bond investment from INFRAGREEN V, the flagship infrastructure fund managed by Paris-based energy transition investment manager RGREEN INVEST.

The investment will accelerate the ongoing construction of PACE's UK clean energy assets and the continued expansion of its development pipeline. It will help finance the construction of nearly 400MWp of solar and more than 200MW of battery energy storage assets, while also supporting the advancement of PACE's broader clean infrastructure pipeline, including clean data centre projects. The transaction builds on the strategic partnership established between PACE and INFRAGREEN V in 2025 and supports PACE's continued evolution into an owner and operator of clean infrastructure assets.

Joe Byron Evans, Banking Partner at Dentons, said: "This transaction represents another significant milestone for PACE and demonstrates the continued confidence of specialist infrastructure investors in the company's platform, pipeline and management team. We were delighted to support PACE on this strategically important financing, which provides a strong foundation for the next phase of its growth."

Lucille De Silva, General Counsel at Pathfinder Clean Energy, said: "We are delighted to have worked with Dentons again. They supported us every step of the way, dedicating senior resource to getting the deal done on time. The financing provides flexible capital to support the next phase of the PACE's growth strategy across solar photovoltaic, battery energy storage and other renewable energy projects."

The Dentons team was led by Joe Byron Evans, with financing support from associates William Anthem and Noor Tabrizi. Partner Michael Snook and associate Ada Onunkwo provided corporate advice, with tax advice provided by Neil McKnight.

Dentons previously advised Pathfinder Clean Energy on its initial £46 million investment from RGREEN INVEST's Infragreen IV fund. Read more here.

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