Eversheds Advises on Significant Renewable and Clean Energy Sales
Wednesday, October 10th, 2007
The renewable and clean energy team at international law firm Eversheds has completed two significant sales in the sector. The firm advised on the sale of CLP Envirogas to Macquarie, in a deal worth Â£120 million, and also advised on the sale of a large renewable energy development portfolio to Terra Firma (Infinis) for around Â£50 million.
In one of the largest renewable energy transactions of the last 12 months, the Eversheds team acted for US investors, Ridgewood and related subsidiaries, in the sale of a large UK landfill gas-to-energy portfolio to Macquarie Bank. This share and asset transaction required in-depth knowledge of the contractual nature of the business and the project financing structures. It was further complicated by the requirements of US investor approval and external independent examination of the terms of the transaction.
The team also advised Scottish Resources Group and entrepreneurs Colin Cornes and Brian Staples on the disposal of one of the UKâ€™s largest mixed renewable energy development portfolios to Infinis. The assets comprised a combination of a renewable energy development company, a biomass supply company, freehold and leasehold land interests and various options for lease and blanket options over potential wind sites. The transaction was complex given the nature of the different assets being sold and the deferred nature of the consideration which was dependent on the success of the projects and the income generated.
The Eversheds team comprised of representatives from the real estate, corporate, planning and environmental teams. The team was led by client partner Michelle Thomas, who was assisted by Stephen Hill, Iwan Walters, Richard Franklin, Delyth Davies, Adam Johnson and Viv Read. Michelle Thomas comments:
â€œOpportunities are opening up as new and improved technologies emerge and legislation and international processes evolve. The face of global renewable and clean energy development is constantly changing driven by greater environmental awareness and focus, and backed by government incentives and emerging technologies. Eversheds have a thorough understanding of the sector, the commercial issues facing major developers and stakeholders, and the regulatory and contractual framework.â€
For further information visit: www.eversheds.com