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Eversheds Sutherland advises on Greencoat Solar’s acquisition of 156 MW portfolio

  • United Kingdom
  • Energy and infrastructure - Clean energy

22-05-2020

Eversheds Sutherland’s clean energy practice has advised Greencoat Solar II LP (Greencoat Solar) on its acquisition of a 156 megawatt (MW) solar portfolio from BlackRock Assets and LightsourceBP.

The investment, made by Greencoat Solar, a private markets fund investing on behalf of a number of the UKs largest pension funds, will bring Greencoat’s solar generating capacity to almost 880MW. The 156MW portfolio’s electricity output will displace roughly 65,000 tonnes of emitted carbon dioxide and supply around 45,000 homes.

Eversheds Sutherland’s cross-practice team was led by Stephen Hill, Partner, Energy. The team advised Greencoat on all elements of the acquisition, all amid a complex macroeconomic environment and global pandemic.

Stephen Hill, commented:

“At a time when undertaking diligence and transactions is challenging, this is a great example of a collaborative approach from all parties to ensure a deal can be done efficiently and effectively. Eversheds Sutherland’s market leading knowledge of the sector, our longstanding relationship with Greencoat Solar, and our dedicated and hard-working clean energy team meant we were able to close out this important deal for the market despite the surrounding macro issues.”

Karin Kaiser, Greencoat Capital, also said:

“This is a brilliant portfolio of proven operational assets that will provide our clients predictable cashflows with inflation protection over the long term, whilst contributing to the decarbonisation of the UK’s electricity sector. The acquisition takes our installed solar capacity to over 880MW, across the Funds we manage, generating enough power across the year to power all the homes in a city the size of Manchester. We continue to see a strong opportunity for solar aggregation in the UK, and an active near-term pipeline.”