TLT supports Innova Energy on acquisition of solar plant powering Coca-Cola
Bristol-headquartered law firm TLT has advised Innova Energy on the acquisition of a 5MW operating solar plant in Wakefield which supplies the largest soft drink bottling facility in Europe operated by Coca-Cola European Partners (CCEP).
The solar plant, covering approximately 20 acres, was commissioned in 2017 and is connected by a 4,300m long private wire cable to the bottling facility. Innova has agreed to work with CCEP to increase the capacity of the solar plant to 8MW by the end of the year, using the latest available technology.
This acquisition brings the total installed capacity owned and by operated by Innova Energy to 60MW and is in line with Innova’s strategy to invest in quality assets that offer opportunities for further operational optimisation and value creation.
The TLT team was led by corporate partner Antonia Silvestri, supported by chartered legal executive Nick Rains, real estate partner, Nick Shenken, commercial and regulatory legal director, Stuart Urquhart, planning legal director Fergus Charlton, real estate associate, Alex Tomlinson and real estate solicitor Andrew Brown.
The acquisition required TLT’s clean energy specialists to draw on their in-depth sector knowledge and specialist experience of corporate PPAs. The team carried out due diligence in respect of corporate, property, planning, commercial and construction matters and advised on the corporate transaction documents.
Antonia Silvestri, partner at TLT, said: “For many large organisations entering into a corporate PPA is a way of managing energy costs and reducing carbon footprint by securing energy from a renewable source. We’re likely to see more interest in this type of arrangement over the coming months as companies review their net zero strategy.
“In addition, as more of these projects come to market investor activity is likely to also increase – a scheme with a corporate PPA already in place has revenue security which makes it a considerably attractive proposition. With ROC and FIT projects coming to market less frequently, subsidy-free schemes backed by a Corporate PPA may become the new low-hanging fruit.”
Andrew Kaye, Co-founder and Director of Innova Energy commented: “This deal exemplifies our commitment to supplying locally generated, green power to industrial and commercial customers. With solar plants already supplying Greenyard Frozen, Williams Refrigeration, Kallo Foods, John Lewis and Waitrose, this is a fantastic addition to our portfolio.
“We are grateful to the TLT team for their flexible support and commercial approach in this strategic acquisition.”