Law firm TLT has completed a deal for renewable energy business Innova Renewables.
The Bristol-headquartered firm advised Innova Renewables on a partnership with funds managed by Schroder Greencoat LLP to fund and develop 5GW of energy generation and battery storage projects across the UK in the next three to five years.
As part of the deal, TLT also advised Innova Renewables on the acquisition of Carn Nicholas Solar Park, a 10MWp solar farm in Swansea, Wales, by ISG Renewables. The project completed in early 2023 and is now operational, generating clean electric power to significantly reduce annual CO2 emissions.
Robin Dummett, director at Innova said: “We’re very grateful for the help and support of the team at TLT in completing this significant deal. Their knowledge of the renewables energy sector is second-to-none and instrumental in coming to a successful conclusion.”
Lee Moscovitch, Schroders Greencoat partner, added: “We are excited to work with Innova to substantially grow our presence in the UK solar generation and storage market. Our joint venture, ISG Renewables is well placed to further UK leadership in the global energy transition and brings further long-term inflation protected cashflows to our investor base, building on our existing 1.1GW portfolio of UK solar assets.”
The team at TLT was led by corporate partner Antonia Silvestri, supported by Harriette Blake, and real estate partner Matthew Grimwood. The firm provided legal guidance and advice on all aspects of the partnership, as well as the vendor due diligence across real estate and planning, grid and power purchase agreement and the terms of the sale of Carn Nicholas Solar Park.
Antonia Silvestri commented: “It was a pleasure to help our longstanding client, Innova Renewables, on its journey to a successful partnership with Schroders Greencoat, which will contribute to the development of the UK’s renewable energy infrastructure – much needed if we’re to hit our net zero targets by 2050.”
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