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The transaction comprised a portfolio of mixed clean energy technologies from three companies, including three rooftop solar assets and an on-site behind-the-meter battery storage asset with a combined capacity of 6.8MW. Guinness Asset Management (Guinness) sold the companies on behalf of Guinness EIS investors to Albion Community Power LP managed by leading independent investment manager Albion Capital.
TLT previously advised Guinness on the Lyreco battery storage project, negotiating the private-wire lease and providing bespoke advice on the Triad system (used to calculate charges for those who are half hourly metered), revenue stacking, and how these should be apportioned between off-taker and generator.
The sale of these three companies required the TLT team to draw on their in-depth sector knowledge and market know-how for assets of this nature. The firm’s primary role for this transaction was to advise on the corporate transaction documentation, leases, and other project documentation.
The TLT team included partner and head of clean energy and real estate Maria Connolly; corporate clean energy partner Antonia Silvestri and chartered legal executive Nick Rains (corporate); NI real estate partner Kevin Murphy; associate Jessica Jeanes (real estate); legal director Stuart Urquhart (commercial and regulatory); and legal director Fergus Charlton (planning).
Maria Connolly, head of clean energy at TLT says: “Activity in the clean energy sector remains very high and we anticipate that the appetite for operational assets will continue particularly with many new solar and wind projects being developed as well as emerging technologies such as battery storage and EV.”
Antonia Silvestri, corporate clean energy partner TLT added: “Equity investors are looking to increase the size and depth of their portfolios and bundles of operational assets are seen as the low-hanging-fruit, particularly where they contain mixed technologies. This is a trend we expect to continue over the coming months.”
The Guinness team on the sale was led by Fund Managers Malcolm King and Hugo Vaux.
03 April 2020