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Energy team advises Pacific Green on its agreement to sell Richborough Energy Park Battery Development
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The Energy team has advised Pacific Green on its agreement to sell its 99MW Richborough Energy Park Battery Development for £74 million.
Under the terms of the agreement entered into, the consideration is payable pursuant to operational milestones related to the battery park as it connects to the grid and becomes operational. Pacific Green will receive an advance of £20 million upon signing of the Agreement with an anticipated completion over the following weeks. Richborough Energy Park will begin operations later this summer.
The team was led by corporate energy partner Gareth Baker and corporate finance partner Hugh Maule, working with lead associate Emily Chittick, Orissa Kaur (corporate), Dan O'Donnell (finance), Jonathan Brufal (energy & infrastructure), Jamie Desmond (projects & infrastructure), Nath Curtis (project finance), Sam Beighton (antitrust), Tom Rank (tax), Samantha Holland (insurance advisory), Susannah Fink (W&I insurance), Bethan Luckman and Sean Adams (commercial litigation).
Scott Poulter, Chairman & CEO of Pacific Green Technologies, commented:
"We are delighted to enter into this agreement and secure the long-term future of Richborough Energy Park Battery Development. It was great to work with the Gowling WLG team again and we appreciate their continued support."
The Energy team has a market-leading reputation and operates seamlessly around the globe. Positioned at the forefront of the renewables sector, the team has advised on recent transactions including advising a syndicate of five commercial banks on the financing for the construction of two greenfield battery storage projects being developed by Zenobe. The team has also acted on large-scale battery storage investments for Island Green Power, Eelpower, and Vanadium Redox.
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