The solar farm acquisitions, one at Turners Hill (1.2 MwP), Sussex, and the other in Drayton Mead (5.0 MwP), Buckinghamshire, completed in December 2017 and March 2018, respectively. This represents the latest acquisitions by Innova Energy in the sector, who have worked with the cross-sector Gowling WLG team, led by Gareth Baker, to continue to increase their portfolio of UK ground-mounted and rooftop solar assets.
Highly active in the sector, Innova Energy is near to completing its latest funding round and as such, is well on the way to acquiring circa £100 million of solar assets by the end of Q4 2018, with these latest acquisitions making a significant contribution towards this target.
The Gowling WLG team comprised energy specialists from across the firm, including Gareth Baker and Fabiano Iesini (Corporate), Zoe Fatchen and Tom Rank (Tax) and Helen Emmerson and David Barry (Real Estate).
Commenting on the transaction, Gowling WLG Energy partner Gareth Baker said:
"We are proud to continue to support Innova Energy's growth strategy and these acquisitions are further steps towards their long-term objectives."
Innova Energy co-founder and director Andrew Kaye said:
"These acquisitions had some unique features requiring creative legal and commercial solutions. We are keen to acquire similar ground mount and commercial roof top solar sites to complete our portfolio this year."
Gowling WLG's sector-focused Energy team 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. To date, the team has acted on a wide range of solar-related deals, including advising Primrose Solar on the sale of solar farms to Bluefield, Equitix and Greencoat.