International law firm Osborne Clarke has advised specialist asset manager Gresham House on its acquisition of a 50MW solar farm from Anesco as part of a £100 million partnership.
Gresham House and Anesco signed a three-year development and construction agreement back in January, which will see them develop a 200MW ground mounted solar PV portfolio in the UK.
Low Farm is located near Skegness in Lincolnshire and is the first project to transact as part of the partnership. It covers 60 hectares and will be capable of generating enough clean energy to power around 13,500 homes, while helping to save 12,000 tonnes of carbon emissions annually.
Construction is expected to begin next year in accordance with grid connection timetables.
The site will have a lifespan of 40 years, after which time it will be returned to its natural state.
Low Farm will benefit from significant ecological enhancements, which could result in an estimated biodiversity net gain of more than 130%. These plans include the creation of wildflower meadows and habitats that are specially designed to support some of the UK’s most at-risk species.
The Osborne Clarke team was led by corporate and decarbonisation partner Chris Yeo, who specialises in low carbon and renewable energy deals, and included Associate Directors Anna Fouracre (Planning), Charlotte Walker (Real Estate), Deborah Harvey (Projects) and Duncan Parker (Construction), Senior Associate James Archer and Trainee Arthur Hopkinson (both Corporate).
Gresham House client partner, Chris Yeo, commented, "It was a pleasure to support Gresham House in this transaction, which shows yet further commitment to the unsubsidised solar market in the UK and the transition towards Net Zero. We look forward to working with them on future investments"
Wayne Cranstone, Gresham House Investment Director said: "We are pleased to be acquiring another large scale, sensitively developed solar park from Anesco to add to our portfolio. This is the first one under our new partnership with Anesco and it is particularly pleasing to see the environmental benefits the development brings which are important given our focus on environmental, social and governance matters.”
Osborne Clarke has a long established and 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.