International legal practice Osborne Clarke has advised investment manager Triple Point on the disposal of a portfolio of four operational solar farms with an aggregate capacity of 34.5MW.
The solar parks are expected to generate revenues of over EUR 4.4 million annually. All are located in the South of England and benefit from Renewables Obligation Certificates (ROCs), which provide support for a period of 20 years. Power from the parks will be sold under a long-term power purchase agreement (PPA).
Two of the solar parks, Witches (generating capacity 6.1 MW) and Rodbourne (7.6 MW), are located near Hereford and Bristol respectively and have been in operation since 2013. The other two, Wisbridge (9.3 MW) and Gosfield (11.5 MW), both in the South East, were connected to the grid in 2014.
A specialist investment firm with over £700 million of assets under management, the Triple Point Group is a long-standing and valued client of Osborne Clarke who previously advised on the purchase of the solar farms in 2013 and 2014.
A multidisciplinary team of Osborne Clarke energy specialists acted on the transaction. Partner Matthew Bodfield and Senior Associates Jonny Murphy and Alexander Underwood advised on corporate matters. Advising from the Projects team were Partner James Watson, Associate Director Clare King and Trainee Solicitor Sarvie Banisi and Associate Ben Naish advised on planning, Senior Associate Charlotte Walker on property, Associate Director Alexandra Gower on construction and the asset management arrangements, Partner Erika Jupe and Legal Director David Nisbet on tax and Senior Associate Lucy Daniels and Associate Hannah Vanstone on banking matters.
Osborne Clarke has an established and well-respected position as one of the leading international law firms advising on renewable energy projects and transactions. For over 20 years it has helped clients to seize new opportunities and meet the challenges of making energy generation clean, affordable and secure. The combination of the team’s experience and understanding of the energy sector means they are regularly called upon to support businesses on all aspects of their commercial, regulatory, corporate, finance and construction legal needs.