TLT advises on £9.3 million acquisition

Financial Services | Mergers & Acquisitions | South East
TLT Bristol. Adam Kean. 21 July 2017

TLT has advised NextEnergy Capital, investment manager for the NextEnergy Solar Fund (NESF), which is one of the country’s leading solar renewable energy funds, on its £9.3 million acquisition of two co-located solar and battery storage projects from Battery Energy Storage Solutions and a consortium of private equity EIS investors.

The projects, Pierces Farm and Salcey Farm, represent NESF’s first investment in co-located technology and add to the fund’s already substantial and rapidly growing portfolio.

Salcey Farm, located between Milton Keynes and Northampton, and Pierces Farm, in Reading, are accredited under 1.4ROC and FiT regimes respectively. The total capacity of the ground-mounted solar is 7.2MWp. Both sites have integrated energy storage capabilities with a combined capacity of c. 1MW.

The acquisitions follow hot on the heels of a ten-strong acquisition spree completed by TLT for NESF over the four months to January 2018, totalling a significant 52.6MWp and £58.5m. TLT was also recently named a top global adviser in clean energy M&A and project finance by Clean Energy Pipeline, the online daily news and data service.

The TLT team was led by corporate associate Adam Kean alongside corporate chartered legal executive Nick Rains, with support from TLT’s 50-strong energy and renewables team including Kerri Ashworth (legal director, real estate), Stuart Urquhart (legal director, offtake and regulation), Nick Pincott (partner, projects, infrastructure and construction), Andrew Russell (solicitor, projects, infrastructure and construction), Fergus Charlton (legal director, planning and environment) and Mark Braude (legal director, tax).

Ross Grier, managing director, UK at NextEnergy Capital, said: “These acquisitions are part of an ambitious plan to continue to seize the opportunity to rapidly expand our portfolio as the market evolves. We are extremely grateful to TLT for their expert knowledge and experience, and continue to enjoy their high quality of advice and service.”

Adam Kean, associate at TLT, said: “There is a continuing trend of consolidation in the solar PV market and we expect the secondary market to continue to be dominated by consolidated, operational portfolios in 2018. NextEnergy is very much at the forefront of this trend and we are delighted to be supporting the business with its growth plans.”

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