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Supporting on the acquisition of one of the largest biomass power plants in the UK

  • Global
  • United Kingdom

    06-07-2021

    Eversheds Sutherland advises Greenvolt Energias and Equitix on the acquisition of Tilbury Green Power Plant

    A cross-practice team from Eversheds Sutherland’s Energy Sector group has advised Greenvolt Energias Renováveis, S.A. (Greenvolt), and Equitix Group (Equitix) on their joint acquisition of Tilbury Green Power Holdings Limited (TGPH) for £246.5m.

    Greenvolt and funds managed by Equitix acquired TGPH, owner of the Tilbury Power Plant, a fully operational renewable energy biomass power plant. The biomass power plant is one of the largest in the UK, taking 265,000 tonnes of wood waste. It has a net design capacity of 43.6 MW, and is located near the Port of Tilbury, Essex, UK.

    Ownership will be split 51%/49% between Greenvolt and the funds managed by Equitix respectively,  effective from 1 July 2021. The acquisition allows Greenvolt, together with Equitix, to  follow its ambitious project of international growth, solidifying its position in the European renewable energy sector, and contributing to the expansion of its business.

    The sellers were UKGIP, a joint venture between the UK Government and UK Green Investment Bank, and ESB an Irish state owned utility, as well as two minority shareholders.

    A multi-jurisdictional, cross-practice team from Eversheds Sutherland’s Energy Sector group advised both Greenvolt and Equitix on all diligence, acquisition and re-financing elements, which also included merger control, competition, real estate, construction, planning, employment and environment work. Eversheds Sutherland worked with Portuguese law firm Vieira de Almeida (VdA), who advised on shareholder arrangements and on local Portuguese legal matters.

    Stephen Hill, Partner, Corporate, from Eversheds Sutherland, commented:

    “This was a strategically important acquisition for our clients, and integral to the growth plans of Greenvolt. The transaction had a number of regulatory, governmental and cross-border issues which we had to navigate, and all within strict deadlines. We are therefore delighted to have delivered this for our clients, helping them to realise the next steps of their growth strategy in the fast moving energy transition sector.”

    The team was led by Stephen Hill, supported by Francisco Pimentel, Associate, Corporate; with financing led by Mark Dennison, Partner and Kate Shannon, Principal Associate, Banking. They were assisted by partners, Caroline Clapham, Corporate; Rob McNabb, Construction; Stephen Dick, Real Estate; Ben Jones, Tax; principal associates, Helen Mackey, Tax; Vanessa Challenger, Employment; Simon Davies, Corporate/Regulatory; Paul Denham, Financial Services; Charlie Markillie, Competition; Catherine Manning, Environment Health & Safety; senior associates, Alex Smith,  Banking; Claire Stockill, Commercia/Regulatory; Christine Barnsley, Real Estate; Rachael Coulsting, Planning; and associates, Jai Singh, Banking; Elodie Briere, Environment Health & Safety; and Harry Taylor,  Employment.

    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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