International legal practice Osborne Clarke has advised Solarplicity, one of the UK’s leading renewable energy providers, on the sale of 133MW of solar assets.
The transaction is for a UK-wide portfolio of 22 ground-based and 6 roof-top solar assets. The projects are all eligible for subsidy payments under the Renewable Obligation Certificates or Feed-in-Tariff schemes both of which are adjusted in line with RPI. Solarplicity Service Ltd will continue to operate and maintain the portfolio over the long term.
The deal releases capital for Solarplicity to invest further in its ground-breaking commitment to ‘simply lower energy bills’ for consumers and businesses.
David Elbourne, CEO of Solarplicity, commented:
“This is a major step in the evolution of Solarplicity as we develop from a solar construction group into a vertically integrated energy group. At the heart is our commitment to investing in radical new ways to provide lower energy prices for our customers without any cost to the environment. We are determined to end the ‘same old, same old’ of the big six and provide UK homes and businesses with cost-effective, green alternatives. Thanks to the Osborne Clarke team for all their hard work and dedication. I know the support you have given our deal team is much appreciated.”
In 2017, Osborne Clarke advised Solarplicity on a £160m investment from Dutch fund MAAS Capital that will provide 800,000 social housing households with solar panels, resulting in £192m in energy savings per year, an average per household of £240, and creating 1000 new jobs.
James Watson, Osborne Clarke Energy Projects Partner who leads the firm’s relationship with Solarplicity, commented:
“We’ve really enjoyed working with Solarplicity on such a large sale. The sale is significant not only for its size but because it sees Solarplicity evolve from solar construction group into a vertically integrated energy group with specialist expertise in servicing the social housing market. Having worked with Solarplicity since its formation, it’s been really exciting to be part of this progression.”
Energy Projects Partner James Watson led a cross-sector team from Osborne Clarke on the transaction, with support from Corporate Partner Matthew Bodfield and Real Estate Partner Shane Toal. Other advisors included Energy Projects Senior Associate Amy Stray and Associate Director Deborah Harvey; Senior Associate Alex Underwood and Associate Kate Robinson (advising on corporate aspects); Partner Erika Jupe (advising on tax); Associate Director David Kerr (for real estate), and Associate Director Alexandra Gower and Associate Kiera Taylor (managing construction and operational aspects). Trainee Solicitors Verity Raeside and Sarvie Banisi supported the transaction.
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.