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    01-06-2020

    Eversheds Sutherland advises Glennmont Partners on the disposal of its 39MWe renewable CHP plant in Sleaford

    Eversheds Sutherland has advised Glennmont Partners on the disposal of its 39MWe biomass powered CHP plant in Sleaford, marking its final divestment from its €437m Clean Energy Fund I.

    Glennmont Partners, one of the world’s largest fund managers focused exclusively on investing in clean energy infrastructure, has finalised the sale of its Sleaford plant to funds managed by Greencoat Capital. The plant uses a blend of straw and woodchip to generate power and heat, and benefits from ROC accreditation for the next circa 15 years.

    Located within the ‘Grain Belt’ in Lincolnshire, the plant provides a route-to-market for an agricultural by-product and an additional income source for local farmers. Heat generation by the plant is provided to a number of local community facilities and the plant has recently signed a new community funding agreement with the local council.

    A cross-practice team led by Michelle T Davies, Partner and International Head of Clean Energy and Sustainability, advised on all legal aspects of the transaction, including the corporate disposal of the project group by way of auction sale.

    The Eversheds Sutherland corporate team included Michelle T Davies , Will Glover, Senior Associate, and Peter Graystone, Associate. The UK Finance team included Indraj Mangat, Partner, Victoria Quek, Legal Director, and Winnie Ma, Associate. The team were supported by Eversheds Sutherland’s clean energy sector group.

    Michelle T Davies, International Head of Clean Energy and Sustainability, Eversheds Sutherland, said:

    “We are delighted to have been able to assist Glennmont with closing out its Clean Energy Fund I. Glennmont’s disposal of the Sleaford project concludes a highly successful process in which Glennmont has demonstrated its leading position in the clean energy market. To be able to bring this transaction to signing is the result of a great team effort by Glennmont, Evercore and my team.  Many congratulations to everyone.”

    Jerome Gautrais, Investment Director at Glennmont Partners, also commented:

    “We are delighted to complete the sale of the Sleaford Renewable Energy Plant and finalise the divestments of Glennmont’s Clean Energy Fund I. Sleaford is an important asset for us, and the cross-disciplinary team at Eversheds Sutherland has been advising us since the time of its acquisition. Their support and legal expertise was much appreciated. Congratulations to the whole team!”

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    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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