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Acquiring a portfolio of three solar farms

  • Global
  • United Kingdom

    06-11-2020

    Eversheds Sutherland advises Greencoat Solar on its acquisition of a 99.1MW solar portfolio

    Eversheds Sutherland’s Clean Energy team has advised Greencoat Solar on its acquisition of a 99.1MW portfolio consisting of three solar farms in the UK.

    The acquisition of the portfolio from Allianz Renewable Energy, made through Greencoat Capital’s Green Solar II fund, comprises of three solar farms in the UK: the 46MW Vine Farm in Hertfordshire, 23MW INRG in Worcestershire, and 30MW Rose & Crown in Cambridgeshire.

    The three sites were all commissioned in March 2016, and all benefit from 1.3 Renewable Obligation Certificates. The sites were developed by BayWa, as part of a larger six-site portfolio. Greencoat Solar already owns the other three sites from BayWa’s initial portfolio.

    Following this acquisition, Greencoat Solar II now boasts over £1bn of solar generation assets, while Greencoat Capital itself now operates 122 sites solar generation sites with generation capacity of over 1GW.

    Eversheds Sutherland's cross-practice clean energy team

    Eversheds Sutherland’s cross-practice team advised Greencoat Solar on all legal elements of the acquisition including on corporate, finance, tax, real estate and planning, and regulatory issues.

    Stephen Hill, Partner, Energy, said:

    “We are delighted to have supported our long-standing client Greencoat Solar on this transaction, which takes them past a deployment landmark of £1bn. The deal completed amid a complex macroeconomic environment and global pandemic, and in these difficult times it shows that investor appetite for good quality renewable and alternative energy assets is still there.”

    Karin Kaiser, Greencoat Capital, said:

    “Having owned and operated the other half of this portfolio for four years, we know these are high quality assets and are really pleased with the acquisition. We’re very proud to have deployed more than £1bn of private sector capital through Greencoat Solar II and continue to see an attractive pipeline of opportunities. It is fantastic to be able to contribute to the renewable build-out at this scale, whilst at the same time delivering stable returns to our pension fund clients.”

    Eversheds Sutherland’s team was led by Stephen Hill, and was supported by Jenny Thompson, Principal Associate, Real Estate; Simon Davies, Principal Associate, Corporate; Holly Suthren, Principal Associate, Banking; Helen Mackey Principal Associate, Tax; Brendan Moran, Principal Associate, Tax; Rachael Coulsting, Senior Associate, Planning; Sacha Bacco, Senior Associate, Construction Litigation; Francisco Pimentel, Associate, Corporate; and Roshni Hirani, Associate, Construction Litigation.

    Greencoat Solar is a long-standing client of Eversheds Sutherland. In May 2020 the team also advised Greencoat Solar on its acquisition of a 156MW solar portfolio from BlackRock Assets.

    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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