TLT completes £58.5m acquisition spree for NextEnergy

TLT has advised on ten ground mounted solar share acquisitions for NextEnergy Solar Holdings III Limited in the last four months, totalling a significant 52.6MWp and £58.5m.

NextEnergy Solar Fund is an active investor in the ground mounted solar market and continues to have ambitious plans to expand its portfolio across the UK and Europe. 

This round of acquisitions included the Henley, Gilleys Dam, Low Bentham, North Norfolk, Axe View, Pickhill, Wasing, Flixborough, Hill Farm and Forest Farm solar projects, stretching all the way from Cornwall to Yorkshire. 

TLT supported NextEnergy across all workstreams including corporate transactional, real estate, planning, grid, offtake and construction. TLT's extensive private wire experience was of particular importance in respect of the Gilleys Dam project, which represents NextEnergy's first private wire project with a long-term take-or-pay PPA with a commercial offtaker. 

The team was led by corporate partner Kay Hobbs, solicitor Adam Kean and chartered legal executive Nick Rains, with support from partners Maria Connolly and Matthew Grimwood, legal director Kerri Ashworth and solicitor Anthony Lindley in the real estate team; solicitor Andrew Russell in the construction team; partner Katherine Evans and legal directors Debbie Reynolds and Fergus Charlton in the planning team; and commercial legal director Stuart Urquhart. 

Ross Grier, principal, UK at NextEnergy Capital, comments: "We continue to have ambitious plans for the future and remain heavily in acquisition mode. The strength and depth of our team and the relationship we have with TLT has allowed us, and will continue to allow us, to close multiple transactions in short order. We value the assistance TLT provides us and the experience and specialist knowledge TLT has in the clean energy market."

Kay Hobbs, partner at TLT, comments: "There still remains a hot bed of M&A activity in respect of the operational solar market and competition for assets is high. The NextEnergy team has a wealth of experience in this sector and are able to move quickly and pragmatically which is a huge plus for sellers. We are delighted to work with them to help deliver their growth plans.  

"We are also seeing a continued increase in activity in respect of subsidy free projects, with many clients securing project rights and development and funding partners. The solar sector remains resilient despite the recent change in subsidy support and TLT is proud to play a key sector role in further promoting the development of clean energy projects."

Date published

13 February 2018


View all