UK law firm TLT has advised independent power producer Conrad Energy on the acquisition of a 24MW consented gas-fired flexible generation project, located in the West Midlands, from energy developer Suncredit.
Conrad Energy, which owns a large portfolio of power plants strategically located across the UK, has acquired the site as part of its ambitious plans to develop, own and operate up to 1GW of flexible gas-fired generation and behind the meter assets. The project, known as Anchor Lane, will provide enough electricity to power over 14,000 homes, and adds to Conrad Energy’s existing portfolio of flexible generation.
The TLT team was led by corporate specialists partner Kay Hobbs and chartered legal executive Nick Rains, and by property specialists legal director Kerri Ashworth and solicitor Andrew Brown.
The team carried out due diligence in respect of corporate and property matters and negotiated the corporate transaction documents, using TLT’s significant clean energy experience to complete the transaction.
Chartered legal executive Nick Rains said: “This transaction shows the continued appetite in the market for consented flexible generation projects. The acquisition of Anchor Lane demonstrates that, with appropriate revenue stacking, investors are able to find value in projects of this nature without being dependant on the capacity market.
“However, the recent reinstatement of the capacity market should help restore investor confidence and we expect to see further growth in investment in flexible power projects such as this. We are delighted to have advised Conrad Energy, who are highly experienced in this sector and we look forward to working with them again.”
Dave Wilkerson, Commercial Manager at Conrad Energy commented: “We are pleased to have added another quality asset to our flexible generation portfolio, and are thankful to TLT for their advice. Their experience was key in ensuring the transaction ran as smoothly as possible.”