Ashfords' Energy & Resource Management team has advised Pennon, a leading British water utility company, on their acquisition of three renewable energy generation projects. The acquisition is part of Pennon's long-term sustainable growth strategy in UK environmental infrastructure.
The three projects are located across the UK in Buckinghamshire, Aberdeenshire and Cumbria and are expected to generate over 95 GWh of electricity on an annual basis from solar PV. The acquisition and expected build costs for the three projects total circa £85 million, and it is anticipated the projects will commence generation during 2025. The acquisition of these projects will provide attractive commercial returns, whilst also benefiting Pennon by increasing energy security and resilience through reducing exposure to future volatility in wholesale power markets.
Ashfords led the deal on behalf of Pennon, assisted by Harper Macleod for the Aberdeenshire project. The team was headed by Partner Carl Thompson with cross-departmental input from Partner Emma Warren, Senior Associate Stephanie Gillam and Associate Sophie Tucker who handled the real estate aspects with Legal Director Stephen Humphreys leading the planning elements. Partner Andy Young, Solicitor Rebecca French and Trainee Solicitor Imogen Wade-Palmer handled Corporate while Partner Jonathan Croley dealt with the Grid elements.
Partner Carl Thompson, said: "We are delighted to have advised Pennon on this acquisition. Ashfords has a long-standing relationship with Pennon and we are pleased to be assisting the Group with their sustainable growth strategy. Solar remains an important element of the renewable energy mix in the UK and is critical to the delivery of the country's net zero targets. Despite difficulties facing the market, such as Grid capacity and planning regulation, we are seeing increasing activity levels in the sector and do not see this waning any time soon.".
The news follows Ashfords' appointment to Pennon's new legal panel. Ashfords' Energy & Resource Management team works across the UK and internationally, with longstanding experience of all clean energy technologies including energy storage and grid balancing, supporting our clients from project inception, design and financing, through operational delivery, onto refinancing and sale.
For more information, please contact Carl Thompson.
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