Innova Energy have acquired the 5MW FiT-accredited Baglan Bay solar park in Port Talbot, Wales from developer St Modwen Developments. The site is the largest photovoltaic park on a brownfield site in Wales.
The deal was structured as an asset purchase and the simultaneous grant of a lease and completed on a very short timetable. The Foot Anstey deal team consisted of specialists from across the Energy and Infrastructure sector team including Ken Lewins and Kieran van Bussel (corporate), John Pindard and Anna Parker (tax), Stuart Cleak and Kutahya Cherry (real estate), and Chris Pritchett and Julie McGovern advising on environmental and energy aspects.
Partner and head of Energy Chris Pritchett said:
"It was great to work with Innova Energy on this acquisition to expand their substantial solar PV portfolio. We were delighted to be able to deliver the project on a tight timetable, and look forward to supporting Innova Energy in the future."
Denis Sorkin, Investment Director at Innova Capital said:
"We are delighted to acquire this high quality asset from St Modwen Developments – the third acquisition this year for Innova Energy.
I am grateful to the team at Foot Anstey for their support with this transaction. The deal team addressed a number of complex issues and managed due diligence and documentation to completion in just five weeks from exclusivity. Their knowledge of the renewable energy sector and ability to provide a comprehensive suite of services made a real difference throughout the acquisition process.”
St Modwen Developments were supported by Gowling WLG and JLL.