International legal practice Osborne Clarke has advised Triple Point Energy Efficiency Infrastructure (TEEC) on the acquisition of a portfolio of operational, run-of-river hydroelectric power generation assets in Scotland with a total installed capacity of 4.1 MW. The assets are all FIT accredited, with five years or more of operational performance and were acquired for an aggregate consideration of £26.6m (excluding costs).
A multidisciplinary team of Osborne Clarke energy specialists acted on the transaction, including corporate and finance advice as well as a team looking at each of the project's contractual arrangements across operation and maintenance, grid connection, subsidy accreditation and offtake. The team was led by Head of Decarbonisation James Watson and Partner and UK Head of Energy and Utilities Sector Matthew Lewis, supported by Associate Director Amy Stray, Finance Partner Jakub Kubicki and Associates Shraiya Thapa and Giles Herring from the Projects team and Senior Associate James Archer and Associate Liam O'Connor from the Corporate team. Senior Associate Helena Zaba from the Tax team also provided tax advice and Morton Fraser advised on the Scots law aspects of the transaction.
James Watson said: "Run-of-river hydro makes up a really exciting part of our renewable energy mix in the UK and we are delighted to have advised TEEC on their acquisition of this portfolio for Triple Point."
Matthew Lewis said: "Distributed generation, low carbon heat and energy efficiency are all part of the mix of assets and initiatives which urgently need investment to help the UK deliver on its decarbonisation targets. TEEC is aimed squarely at these areas and we were really pleased to be able to advise on this first portfolio 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.