Gowling WLG advises in the dynamic subsidy-free renewable energy market by supporting Brockwell Energy, Hargreaves Services' renewable energy division, upon its disposal.
A range of experts from international law firm, Gowling WLG, has advised Brockwell Energy Limited on its spin-out by Hargreaves Services PLC for initial gross proceeds of £21 million. A further £2 million may become payable to Hargreaves Services, contingent upon the successful financial close of a future development project by Brockwell.
Hargreaves Services, a diversified group delivering services to the industrial and property sectors, has sold Brockwell, the holding company for its interests in the renewable energy sector, to Lantern Bidco Limited, a newly incorporated company backed by international investors experienced in UK energy infrastructure.
The Gowling WLG corporate energy team, led by Gareth Baker and Emily Airton, comprised specialists from across the firm including Jonathan Zane and Fabiano Iesini (Corporate), Helen Emmerson (Real Estate), Tom Rank (Tax) and Derek Goodban (Energy).
Corporate energy partner Gareth Baker commented: "We are proud to have supported Brockwell on reaching this milestone and it has been an absolute pleasure working with the team. We are looking forward to seeing Brockwell take forward these fantastic renewable energy projects within its portfolio under its new ownership."
Alex Lambie, CEO of Brockwell, said: "Working with professional services providers that have a genuine understanding and appreciation of the commercial and industry issues in our sector is crucial. The Gowling WLG team understand that and were able to anticipate issues and head them off quickly – many thanks for the support and the great team work!"
Gowling WLG was supported on Scottish Law aspects by Burness Paull.
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.