International law firm Gowling WLG has advised Swedish-based solar panel installer Svea Renewable Solar AB (Svea) on the acquisition of British PV project developer Solarcentury's European residential solar installation business for an undisclosed sum. The target group was based in the UK, Netherlands, Germany and Belgium.
Svea already installs home solar panel kits purchased at furniture retailer Ikea and this acquisition expands its Swedish and Spanish residential operation to take on the Ikea-related business carried out by Solarcentury in the Netherlands, Germany and Belgium.
Corporate Partner Ragi Singh led the deal, supported on UK Corporate matters by Senior Associate Matthew Lappin and Trainee Solicitor Jasmine Bennett. Principal Associate Tom Rank supported on Tax advisory, with Partner Luke Kempton and Associate Zoe Pearman advising on Intellectual Property aspects. German Corporate matters were led by Florian Holfeld in Gowling WLG's Stuttgart office.
Co-Chair of Gowling WLG's Energy Group, Partner Gareth Baker, said: "We're thrilled to have supported Svea with this transaction. As the UK solar market consolidates into fewer owners, the supply chain is remodelling itself into businesses focussed on rooftop installation, O&M or those positioning themselves for EPC opportunities in the subsidy-free market. Gowling WLG's Energy team is committed to supporting our clients with the transition and the Svea team have been a pleasure to work with."
Chief Financial Officer at Svea, Kristian Palo, said: "We needed a firm which understood the renewable energy sector, was capable of leading a transaction spanning multiple jurisdictions and able to deliver it to an aggressive timetable. We found that in Gowling WLG. The UK team proactively led the transaction whilst procuring the support of Gowling WLG's own European offices (as well their trusted partners) to provide a full, seamless and one stop service to us from due diligence through to closing and the (not insubstantial) post-closing activities. We are thankful to Ragi, Matt and their team for their help in driving this acquisition to completion in a professional manner."
Co-Chair of Gowling WLG's Nordic Desk, Julian Henwood, commented: "It's very pleasing to have been able to effect an introduction to Svea Solar for our M&A and Energy teams to add to our substantial and growing list of Nordic headquartered clients."
This latest deal caps off another successful month following the team's role advising Draper Esprit on the sale of Pod Point to EDF Energy. The team has been active across the sector, with mandates including the £350 million IPO for Octopus Renewables Infrastructure and advising Co-op Energy in relation to its community-generated energy joint venture.
Gowling WLG's sector-focused Energy group offers clients pro-active, commercially-focused and innovative solutions - wherever they are in the world. Their extensive UK and international client base includes governments and regulators, developers, financial institutions, generators, network operators and energy suppliers and traders.