Gareth Baker, Siân Dewing, Alex Farrow, Anna Colley, Ben Stansfield, Samuel Beighton, Andrew Litchfield, Samantha Holland, Susannah Fink, Rebecca Jones, Ashley Yarwood, Tom Rank, Laura Barron
Our Corporate Energy team has advised renewable energy developer Island Green Power and its shareholders on an agreement to sell a 50% stake in the business to Macquarie Asset Management, which is making the acquisition via its Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2).
Alongside this, Macquarie Asset Management has also agreed to acquire Island Green Power's ready-to-build 65 MW solar project in Suffolk, which includes the potential for 50 MW of battery storage.
Upon completion, Island Green Power's current shareholders and senior management team will remain invested in the business. The company will use this substantial investment to accelerate its growth ambitions and play a leading role in the delivery of long-term energy security.
Corporate energy partner Gareth Baker led the Gowling WLG team that advised on this deal, with support from principal associates Stephen Bowman and Sian Dewing, associates Alex Farrow and Laura Barron and paralegal Annabelle Percy (all corporate), partners Anna Colley (real estate), Ben Stansfield (planning), Samuel Beighton (EU, Trade and Competition), Andrew Litchfield and Samantha Holland (both commercial litigation), director Susannah Fink (commercial litigation) and principal associates Rebecca Jones (employment), Ashley Yarwood (construction) and Tom Rank (tax).
Speaking about the deal, Gareth Baker said: "Island Green Power is a leading solar developer, and we are proud to have supported the business and its founders with this significant investment, which will leave it well positioned to deliver a healthy pipeline of UK and international projects."
Client relationship partner Ragi Singh said: "We are delighted to have supported the Island Green Power team with this investment and we are looking forward to supporting the team as they move forward."
Chandni Ruparelia, head of legal at Island Green Power, said: "I'd like to thank the Gowling WLG team for their hard work, their highly responsive and collaborative approach and insightful support in helping us secure this investment. Macquarie's backing will be instrumental in supporting the development of our current and future solar and battery projects. This deal signifies an important evolution for IGP, and we look forward to working with Macquarie to realise our growth plans and positioning ourselves as a leader in renewable energy revolution."
Gowling WLG's multi-disciplinary Energy team has a market-leading reputation and operates seamlessly around the globe. This deal is another example of the team's position in the energy sector and follows a series of mandates, including advising HydrogenOne on its investment in Gen2 and its joint investment in Cranfield Aerospace Solutions, advising Berenberg on its £210 million Harmony Energy Income Trust IPO and Brockwell Energy on its sale of an onshore wind farm development to global renewable energy developer, service provider and distributor BayWa.