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    19-10-2021

    Eversheds Sutherland advises IMCO on its acquisition of Green Frog

    A cross-practice team from Eversheds Sutherland’s Global Energy Group has advised Investment Management Corporation of Ontario (IMCO) on its acquisition of Green Frog Power Limited (Green Frog).

    A team from Eversheds Sutherland led the transaction which sees IMCO acquire Green Frog, a leading developer, owner and operator of flexible power generation projects in the UK, from Green Frog Power (Holdings) Limited (GFPH).

    IMCO is a Canadian public fund investment manager providing investment management services to Ontario’s broader public sector, and invests $73.3 billion of assets on behalf of its clients.

    Green Frog owns a portfolio of nine diesel powered electricity generation sites with a total capacity of approximately 187MW, which are due to be converted to battery storage sites. The team advised IMCO across all key work streams of the acquisition, including the establishment of contractual arrangements to govern the remediation and conversion of the sites, and the establishment of the framework pursuant to which further sites under development by Green Frog Ventures Limited will be offered to Green Frog to expand its portfolio.

    Eversheds Sutherland’s team was led by Stephen Hill, Partner International Head of Clean Energy; and  Peter Graystone, Senior Associate, Global Energy Group. The wider team advised throughout the acquisition on real estate, construction, regulatory, finance, tax and employment matters.

    Stephen Hill commented:

    “This acquisition will see IMCO and Green Frog work alongside each other to establish a global, utility-scale platform focused on battery storage assets, and we are delighted to have closed out on this part of their exciting journey. This was an incredibly complex transaction, which underlines our team’s credentials and experience in green and renewable investment.”

    Peter Graystone commented:

    “It has been a genuine pleasure working alongside Tim Formuziewich and the rest of the IMCO team alongside the new executive management team of Matthew Mendes and Trevor Wills on this transaction. Their expertise in renewable technologies and insight into the UK energy markets is extensive and the acquisition of Green Frog marks the start of a first-rate clean energy storage platform in the UK. I very much look forward to seeing it grow further.”

    Tim Formuziewich, Managing Director, Global Infrastructure, IMCO, also commented:

    “The acquisition of Green Frog Power represents an important step in building a future-proofed infrastructure program for IMCO’s clients. We are grateful for the significant local and industry knowledge and hard work brought forth by the Eversheds Sutherland team necessary to bring this transaction to a close.”

    The deal team, led by Stephen Hill and Peter Graystone, included Richard Streeter, Partner, Construction; Deepesh Upadhyay, Partner, Tax; Indraj Mangat, Partner, Banking; James Shawe, Principal Associate, Real Estate; Helen Mackey, Principal Associate, Tax; Kate Shannon, Principal Associate, Banking; Ben Brown, Principal Associate, Regulatory; Mared Griffiths, Senior Associate, Employment; Will Glover, Senior Associate, Corporate; Winnie Ma, Senior Associate, Banking; Jodie Butler, Associate, Real Estate; Roshni Hirani, Associate, Construction; and Ed Griffiths, Associate, Tax.

     

    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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