Downing Renewables and Infrastructure Trust, a London-based investment firm, acquired a portfolio of two operational solar photovoltaic projects of 13 MW in the UK for £12.6 million (~$15.7 million).
The transaction includes two ground-mounted solar projects and about 1,600 commercial and residential installations with secured feed-in tariffs and renewable obligation certificate subsidies.
TLT’s future energy team advised DORE on all legal aspects of the purchase, including acquisition documents and providing tailored legal due diligence across a multidisciplinary team, including real estate, grid, accreditation, and banking.
The acquisition was led by future energy corporate partner Antonia Silvestri supported by corporate associate Alex Morris, real estate partner Matt Grimwood and senior associate Lowri Morgan, alongside banking senior associate Emily Huish and associate Georgia Bew.
“This portfolio was particularly attractive due to its high levels of fixed, inflation-linked revenues,” said Tom Williams, partner, and head of energy and infrastructure at DORE’s investment manager Downing.
Antonia Silvestri said: “We’re thrilled to have played our part in DORE’s acquisition. The secondary M&A market for solar generation assets remains buoyant in 2023, and uptake in W&I insurance remains strong. TLT’s success advising DORE reaffirms the firm’s wider reputation as market-leading future energy experts and advisors progressing the UK’s net zero transition.”
According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions (13 disclosed for $3.6 billion) in Q1 2023, compared to 61 transactions (12 disclosed for $3.2 billion) in Q4 2022. Glennmont Partners, a clean energy fund manager, recently acquired a portfolio of seven solar PV projects totaling 65 MW in Basilicata, Italy. The projects in the Basilicata region of Italy will be built in two clusters, with the first expected to begin construction in early 2024 and the other in the second half of 2024. The projects are expected to be commissioned in the first half of 2025 and the second half of 2026.