Innova Energy advised by TLT on sale to Elm Trading

UK law firm TLT has advised the shareholders of private equity-backed solar energy company Innova Energy Limited on its sale to investor Elm Trading.

The sale concludes a long-term strategy to acquire standalone solar farms and optimise their operations, resulting in a sale dictated by the market of a high-performing aggregated portfolio.

Innova holds 16 ground-mounted assets in Great Britain with a combined capacity of 61.5 MW. In August 2021, TLT announced it had advised Innova on the sale of its 3.7MW portfolio of rooftop-mounted solar PV assets.

TLT provided corporate, commercial, real estate and banking advice on this latest transaction. Clean energy partner Nick Shenken led the team, supported by Antonia Silvestri and the wider national clean energy team.

TLT has a long-standing relationship with Innova, having further advised on a £30m refinancing of its portfolio of UK rooftop and ground-mounted solar PV projects in September 2020, and its acquisition of a 5MW operating solar plant powering a Coca-Cola facility in Europe earlier that year as well as various other acquisition and development work.

Robin Dummett, Director at Innova Energy, comments: “This deal underlines that investing in renewable energy can deliver for the planet and our society as a whole, as well as shareholders.

“We are grateful once again for TLT’s specialist knowledge and understanding of the renewable energy market, which has helped to make this deal a success for all.”

Nick Shenken, Clean Energy Partner at TLT, adds: “Innova are an incredibly valued and longstanding client of ours and we have thoroughly enjoyed supporting them on yet another significant transaction.

“Innova’s acquisition and development strategy has resulted in an outstanding return for its shareholders, simultaneously helping to drive decarbonisation in tandem with the UK’s climate ambitions.”