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Eversheds Sutherland propels Pensions Infrastructure Platform (PiP) on its acquisition of six UK solar farms

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    Eversheds Sutherland’s (International) clean energy team has advised PiP on its acquisition of six 5MW solar farms from Trina Solar Limited.

    PiP is a dedicated infrastructure investment manager established by pension schemes to facilitate long term investment into UK infrastructure. The initial tranche of the acquisition sees the PiP Multi-Strategy Infrastructure Fund acquire three operational solar farms with the remaining three farms to be completed once they become operational. The nature and location of the six assets provide a well-balanced and geographically diverse portfolio.

    PiP will look to use the scale of the current portfolio as a foundation for further, carefully targeted acquisitions of similar assets. Combining the well-known ROC support regime with conservative offtake arrangements and long term operation and maintenance contracts will provide investors the opportunity to benefit from 20 years of inflation linked cash flows to help them meet their long term pension obligations.

    The Eversheds Sutherland team was led by partners Iwan Walters (Cardiff) and Charles Reynard (Leeds) with corporate assistance from the Cardiff office team including associate Rhodri Evans, construction advice from Rob McNabb and Sacha Bacco, regulatory advice from Jean-Pascal Boutin and Imogen Evans. Real estate advice came from Geraint Pullin-Thomas, James Shawe and Joe Kelly (all Cardiff).

    Ed Wilson, Chief Investment Officer of PiP says:

    “We are pleased to have been able to work with Trina Solar to structure and execute a transaction that provides our investors with the long term, inflation linked cash flows they are seeking to support their accrued pension payment obligations.”

    Iwan Walters comments:

    “This is the second acquisition we have completed for PiP in the past six months and demonstrates yet again our ability as a team to act on high value and complex acquisitions. On a personal note the team worked over Christmas and New Year on this so it was very satisfying to complete the transaction finally.”

    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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