Our Corporate Energy Transition team has advised the founders of Island Green Power, a UK-based renewable energy developer focused on utility-scale solar and battery energy storage system (BESS) projects, on an agreement to sell their remaining combined 50% stake in the business to Macquarie Asset Management, via its managed funds, following the sale of their initial 50% shareholding in April 2022.

Established in 2013, Island Green Power has successfully developed more than 3 GW of solar projects to ready-to-build. The business has recently received planning consent for two of the largest solar farms in the UK, Cottam Solar Farm (600 MW AC) and the West Burton Solar Farm (480 MW AC) and currently has more than 15GW of utility-scale solar and BESS projects in its pipeline in the UK.

As part of the transaction, the founders of Island Green Power will retain full ownership of the company’s international business.

The founders have, as part of the arrangements, purchased the non-UK projects of the business and will take project development of the overseas pipeline forward.

Corporate Energy Transition partner and global co-lead of ENNRI Gareth Baker  and Senior Associate Alex Farrow (Corporate Energy Transition) led the Gowling WLG team that advised on these complex transactions, following on from the earlier transaction led by Gareth, to sell the initial 50% stake in the business that concluded in 2022. They were supported by Partners Kate Featherstone (Corporate Tax), Samantha Holland (Insurance) and Samuel Beighton (FDI and Antitrust), Director Hannah Swindle (Employment), Principal Associate James Arnold (Corporate Tax), Associates Dan O'Donnell (Energy Transaction, Projects & Finance), Emily Chittick and Henry Stride (each, Corporate Energy Transition) and Philipp Borisov (Employment,) and Trainee Solicitors Al Budrikas, Annabelle Percy, and Funmi Adeyemo.

Gareth Baker said: "Having successfully supported Island Green Power on the sale of the first 50% of the business in 2022, we are delighted that we were selected to advise on the full exit. Island Green Power has brought forward some impressive NSIP projects and it has been great to see the pipeline flourish."

Ian Lawrie, Founder of Island Green Power, said: “We’re incredibly proud of what the Island Green Power team has achieved in building one of the UK’s leading renewable energy platforms. It’s been a privilege to work alongside such talented, committed individuals. As the business enters its next phase with Macquarie, I have every confidence in the team’s continued success and wish them all the very best for the future.”

Gowling WLG's multi-disciplinary Energy Transition team has an international, market-leading reputation and this deal is another example of the team's standing in the energy sector. Other examples of the teams work include advising Atrato Onsite Energy plc on the disposal of its portfolio of solar assets for c.£219 million to a joint venture owned by a global investment firm, Brockwell Holdings on its acquisition of London-based renewable energy developer, RNA-Energy Ltd and HydrogenOne Capital Growth plc on its participation in a €215 million Series E equity financing round by Sunfire GmbH.