TLT advises Alpha Real Renewables on entry into NI market with major acquisition

TLT has advised Alpha Real Renewables on its entry into the Northern Ireland (NI) energy market with the acquisition of a portfolio of NIRO accredited 250kW operational wind turbines.

The portfolio of eleven NIROC accredited wind projects is one of the largest privately owned distributed wind portfolios in Northern Ireland. Located across NI, it presented an opportunity for Alpha Real Renewables to acquire an established portfolio in what is a fragmented market. The buyer is the Wind Renewables Income Fund.

The acquisition required TLT’s clean energy specialists to draw on their in-depth sector knowledge, asset know-how and understanding of the NI energy market. The team carried out due diligence in respect of the corporate, property, planning and commercial aspects of the transaction, and advised on the corporate transaction documents.

The TLT team was led by corporate partner Andrew Jennings and head of clean energy Maria Connolly, supported by partner Kevin Murphy, associate Grant Edwards and chartered legal executive Nick Rains. This is the fifth acquisition that TLT has advised Alpha Real Renewables on. 

Andrew Jennings, corporate partner at TLT, says: “This is a significant transaction in the NI market. Not only is it rare for portfolios of 250kW to come to market, but this portfolio represented a good investment opportunity with the sites accredited for 4 NIROCs per MWh, stable PPAs and the potential to repower and extend site leases in the future. We’re delighted to be able to support Alpha Real Renewables with the extension of its portfolio into NI.”

Maria Connolly, head of clean energy at TLT, says: “While the uncertainty around the future renewables policy in NI might be affecting new developments, the M&A market is buoyant – particularly where investors can access a portfolio of NIROC accredited assets, like this one. The growth of Alpha Real Renewables’ portfolio, and the fifth acquisition that we’ve worked with them on, is representative of the wider market message – the market remains viable as we work towards achieving net zero.”