TLT advises Innova on sale of Stokeford Solar Farm to global renewable infrastructure managers

National law firm TLT has advised its long-term client, Innova, on the sale of Stokeford Solar Farm in Dorset to a fund managed by Schroders Greencoat.

Innova is a renewable energy company delivering innovative, utility scale, energy solutions using multi-technologies. Schroders Greencoat is one of the largest pureplay renewable infrastructure managers globally with a presence in the UK, Europe, and the US.

The Stokeford Solar Farm site has been developed by an Innova-led joint venture with partner Will Bond, the landowner of Stokeford Farm. It is also part of a shared grid connection with Alaska Wind Farm – one of few shared solar-wind grid connections at utility scale in England. The 28.5MW site was energised in October 2024. 

TLT advised on all aspects of the transaction including the sale of the Stokeford Project SPV and the complex grid sharing arrangements between the Stokeford Project SPV and Alaska Wind Farm as well as carrying out full due diligence and advising on all corporate, banking, grid connection, PPA, CfD, property and planning matters. 

The corporate elements of the transaction were led by partner Antonia Silvestri, with support from associate Maisie Dodds and managing associate Peter Dunn. The real estate team was led by partner Matt Grimwood with support from associate Lowri Morgan. The deal also required cross-practice expertise from the firm’s grid, planning, banking, commercial and tax teams. 

Commenting on the deal, real estate partner Matt Grimwood said: “This was a transaction that we have been involved with since 2018 and which provided some unique challenges for our teams. The interface between the real estate, corporate and grid connection documentation made for some first-of-a-kind drafting which ensured sufficiently robust protections were in place and each of the projects had their seat at the table.

“It is always rewarding to have played a part in a project which is currently providing renewable energy and actively contributing to the UK’s decarbonisation efforts.”

Nikesh Vaghela, senior legal counsel at Innova said: “This has been, without a doubt, the most technically complex transaction Innova has executed, ranging from a bespoke grid sharing agreement to complex property legals. Working alongside a law firm that has the scale to resource this project and the expertise to ensure a smooth process has been invaluable and we would like to extend our thanks to the team.” 

This is the latest in a series of transactions that TLT has advised Innova on in recent years. These have included advising on a strategic partnership with funds managed by Schroders Greencoat LLP, to fund and develop energy generation and battery storage projects across the UK in 2023; advising on the company’s sale of its subsidised ground mounted solar PV portfolio to Elm Trading to finance and develop energy generation in 2022; supporting with the sale of its 3.7MW portfolio of rooftop-mounted solar PV assets to Octopus Renewables in 2021; and advising on the acquisition of a 5MW operating solar plant which supplies the largest soft drink bottling facility in Europe in 2020.