Gowling WLG's Energy team has advised Co-op Energy, part of The Midcounties Co-operative, on a deal to create a new strategic energy partnership with Octopus Energy.
As part of the deal, Octopus will take on ownership and responsibility for the management and supply of energy to the 300,000 plus customers currently supplied by Co-op Energy, Flow and GB Energy, cementing its position as a challenger supplier. New and existing Co-op Energy customers will be managed by Octopus and will receive the same or lower prices as a result of the transaction.
The partnership will also see the creation of a joint venture between the two organisations to invest in the development of community-generated energy in the UK. This will allow Co-op Energy, which is already the UK's largest buyer of community-generated energy, to focus more on community driven projects whilst ensuring that their customer base is still receiving the same high quality service.
Gareth Baker commented: "We are proud to have used our sector leading expertise to support Co-op Energy on this strategic partnership with Octopus Energy. We drew on our understanding of the client's business and our strong track record of delivering cross firm high quality legal services."
Phil Ponsonby, CEO of Midcounties Co-operative said:" Working with advisers who understand the market and appreciate the complexities was crucial in ensuring the success of this partnership. The Gowling WLG team provided commercial and pragmatic advice throughout the process."
Gowling WLG's Energy practice has a deep knowledge of the sector, which allows us to offer specialised full-service legal advice on various transactions.
The multi-disciplinary team comprised Grace Humber, Gareth Baker, Stuart Young, David Vaughan, Felicity Wade-Palmer and Matthew Dorman who advised on corporate matters. The team also included Gus Wood and James Stanier (energy), Martin Chitty and Hannah Swindle (employment), Helen Emmerson and Kay Desai (real estate), Jane Morrott (pensions), Richard Crawley and Jasvir Jootla (banking), Helen Davenport and Alice Stagg (Commercial and IP), Rocio De la Cruz (data protection) and Tom Rank (tax).