International Law Firm Osborne Clarke has advised The Renewables Infrastructure Group Ltd ("TRIG"), a listed investment company whose portfolio includes onshore and offshore wind farms and solar parks in the UK and Europe, on the acquisition of 100% equity interest in Project Spennymoor (“Spennymoor”). Spennymoor is a battery storage development project which will have a total capacity of 100MW / 200MWh when completed.
The Osborne Clarke team advising on the deal was led by Corporate Partner Chris Yeo, alongside Senior Associate Tim Williams and Trainee Solicitor Courtney Cox. The wider OC team included Dave Kerr (Partner, Real Estate), Josh Taylor (Senior Associate, Planning), Simon Hobday (Partner, Projects) and Giles Herring (Associate, Projects).
TRIG acquired Spennymoor from RES, TRIG's Operations Manager and the world's largest independent renewable energy company. RES has been at the forefront of wind energy development for over 40 years and has developed or constructed onshore and offshore wind, solar, energy storage and transmission projects totalling more than 22GW in capacity.
Situated in County Durham, the project is in close proximity to a high voltage substation connection and is ideally located in a significant industrial cluster in the Humber region, to help to alleviate grid constraints and provide balancing services.
The Project is currently in the late-stage development phase and once operational, is expected to represent 2% of TRIG’s portfolio by value.
Richard Crawford, Head of Energy Income Funds at InfraRed Capital Partners, TRIG's Investment Manager, commented: “TRIG’s investment in Project Spennymoor deepens our position in the flexible capacity sector, which is going to become increasingly important as renewables penetration increases. Investments in battery storage projects such as these not only complement the renewable generation assets in the portfolio, but also leverage the strong expertise of InfraRed and RES.”
Osborne Clarke's Chris Yeo commented: "Investment in sustainable infrastructure, like battery storage facilities, is essential in the drive to capture and purposefully deploy green energy across the UK. It was a pleasure to work on this deal with TRIG and we look forward to watching the project develop to completion."
This deal further showcases Osborne Clarke's established and well-respected position as one of the leading law firms advising on renewable energy projects and transactions. As businesses strive to meet the challenges of decarbonisation, the team at Osborne Clarke utilises its experience and understanding of the energy sector to advise on their clients' decarbonisation journeys.