News

Osborne Clarke advises TRIG on Solwaybank acquisition


Written on 18 June 2018

International legal practice Osborne Clarke has advised The Renewables Infrastructure Group Limited (“TRIG”) on its acquisition of Solwaybank, an onshore wind farm located in Dumfries and Galloway, Scotland.

Solwaybank is in the early stages of construction and expected to become operational in Q1 2020. Once complete, Solwaybank will comprise 15 Senvion MM100 wind turbines, each with a rated capacity of 2.0MW, amounting to 30MW.

Solwaybank will be one of few onshore wind farms in the UK to benefit from the attractive Contract for Difference tariff (“CfD”) which fixes the power price during the first 15 years of operations. Solwaybank has an allocated strike price of £82.50 per MWh in 2012 prices (equivalent to £91.14 in current prices).

The project was acquired from TRIG’s Operations Manager, RES, pursuant to TRIG’s right of first offer agreement. The total consideration for the project is expected to be approximately £82 million, including construction costs. Of this, £39 million was invested at acquisition, partly funded through a drawdown of the Group’s revolving acquisition facility which now stands at £134 million drawn. The project does not have any third-party project level debt.

TRIG is a London-listed investment company. Its Investment Manager is InfraRed Capital Partners and its Operations Manager is Renewable Energy Systems.

Projects Partner Simon Hobday and corporate Partner Adam Love led the Osborne Clarke team advising TRIG on the acquisition. The team included corporate Associate James Archer, projects Partner Alistair Curzon and Legal Director Alexandra Gower, Associate Director Deborah Harvey, Senior Associate Caroline Bush and Associate David Smith. David Bone, Peter Ferguson and Lewis Hendry from Harper Macleod LLP advised TRIG on the property and planning aspects of the acquisition.

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.