A cross firm team has advised venture capital trusts Gresham House Renewable Energy VCT 1 and VCT 2 plc, which invest in a portfolio of renewable energy projects in the UK, on their sale of UK Solar Assets to Downing Renewables & Infrastructure Trust plc.
The sale includes two ground-mounted solar sites and approximately 1,600 commercial and residential solar installations for a total cash price of £12.6 million, with a total capacity of 13 MW. A proportion of the portfolio is subject to existing financing arrangements, which are staying in place as part of the transaction.
The team was led by corporate energy partner Gareth Baker and corporate senior associate Alex Farrow, assisted by Hannah Gough and Orissa Kaur (corporate), Emily Rust and Chris Brierley (banking), Tom Rank (tax), and Sam Holland (insurance advisory).
Gill Nott, Chair of Gresham House Renewable Energy VCT 1 plc and Christian Yates, Chair of Gresham House Renewable Energy VCT 2 plc, together commented:
"We are delighted to complete this transaction and place these assets in the in the hands of Downing, a major player in the renewables sector. The sale reflects a continuing strong appetite for operating solar assets. It was great to work with the Gowling WLG team and we appreciate their responsive and committed support."
Gowling WLG's multi-disciplinary 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 Hydrogenone on its first green hydrogen project, Pacific Green on its acquisition of Sheaf Energy, and shareholders of FI1 Limited on its sale stake in its first ever UK-Germany energy link.