International legal practice Osborne Clarke has advised Foresight Solar Fund Limited (Foresight Solar), a fund investing in a diversified portfolio of ground-based solar PV and battery storage assets in the UK and internationally, on a 10-year Power Purchase Agreement (“PPA”) over the electricity to be generated at Foresight Solar's 98.5MW solar portfolio in Spain.
The counterparty to the PPA is Statkraft, Europe’s largest producer of renewable energy, developing, building and operating solar, hydro, wind and gas assets.
The portfolio comprises three subsidy-free greenfield assets located in the Andalusia region of Spain and was acquired by the Company on 31 December 2020. It is on track to begin operations in June 2022.
The PPA provides Foresight Solar with a 10-year fixed price for around 70% of the portfolio’s annual production and increases the Company’s earnings visibility.
The Osborne Clarke team was led by Partner Luis Castro with support from senior associates Ana Isabel Lozano (Commercial), Juan Luis Juez (finance) and Alvaro San Felipe (regulatory). Partner Eduard Arruga (banking and finance) provided additional assistance.
Osborne Clarke has an established and well-respected position as one of the leading 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.