International legal practice Osborne Clarke has advised long standing client and leading independent infrastructure and private equity investment manager, Foresight, on its solar development joint venture with Island Green Power (“Island GP”).
Foresight and Island GP intent to develop five projects, in England and Wales, with a total generating capacity of 700MW.
The Osborne Clarke team that advised Foresight on the transaction was led by Corporate Associate Director Chris Yeo and included Associate Becky Eade and Senior Paralegal Jay Eng (Corporate), Senior Associate Bethan Moore (Project Finance), Senior Associate Caroline Bush (Projects), Partner Dave Kerr and Associate Director Charlotte Walker (Real Estate), Partner Carl Thompson and Associate Will Pullan (Construction) Partner Mat Oliver and Associate Ben Doeh (Tax).
Peter Bolton, Director, Foresight commented:
“As a highly experienced renewable energy investor, Foresight is well positioned for the anticipated second phase of growth in the UK solar sector. Opportunities for asset optimisation and a continual reduction in capital costs will make unsubsidised solar investment increasingly attractive. Island GP has a strong track record of solar development and continues to develop a high-quality pipeline of new sites. The joint venture’s five projects will help increase the UK’s proportion of generating capacity from renewable energy sources, as is required by the Government’s “net zero” targets.”
Foresight client Partner, Matthew Lewis commented:
“We’re delighted to have been able to support Foresight on another unsubsidised solar investment, following quickly on from working with them on their JV arrangements with Elgin which completed in September. This transaction is yet another great example of the shift in institutional appetite for supporting the transition to “net-zero”. We wish both Foresight and Island GP all the best in their new venture.”
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.