International legal practice Osborne Clarke has advised JLEN Environmental Assets Group Limited (JLEN) on the acquisition of Northern Hydropower Holdings Limited ("NHHL") for a total consideration, including working capital, of £4.74 million. NHHL owns 100% of the equity in Northern Hydropower Limited, which in turn holds the rights to two operational hydro projects, including a co-located operational battery storage system at one of the sites. The assets are located in Yorkshire and Cornwall.
The Yorkshire-based assets are:
- Knottingley hydro, a 500kW dual turbine hydro project located on the River Aire, which was commissioned in October 2017
- a 1.2MW battery co-located at Knottingley, commissioned in January 2018;
The Cornish-based asset is:
- De Lank hydro, a 99kW hydro project located on the De Lank River, commissioned in October 2011.
Both hydro projects are accredited under the 20-year Feed-in-Tariff scheme.
This acquisition increases the total capacity of renewable energy assets in the JLEN investment portfolio to 304.7 MW.
Partner Matthew Bodfield, Associate Director Alex Underwood and Associate Sarah Mitchell from Osborne Clarke's Corporate team advised JLEN. The team were supported by Partner Dave Kerr (Real Estate), Partner Matthew Germain and Associate Director Caroline Bush (Environment), Partner James Watson and Associate Director Amy Stray (Energy) and Partner Carl Thompson (Construction).
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.