Parabel Acquires Three Solar Sites Across UK
TLT has advised Parabel UK Limited, a renewable energy developer and turnkey contractor, on the acquisition and disposal of three ground mounted solar sites, to Bluefield Solar Income Fund Limited, an investment adviser to companies and funds investing in solar energy infrastructure.
The solar farms are located in Essex, Leicestershire and South Wales. Each site is expected to become operational before 31 March 2017 and to qualify under the 1.2 Renewable Obligation Certificate (ROC) regime.
The TLT team included commercial partner Neel Mehta, real estate associate Matthew Grimwood, corporate associate Amelia Jarrett and planning solicitor Kate James.
TLT's Maria Connolly, partner and head of energy and renewables, said:
"This is a significant project for Parabel UK Limited as it is likely to be one of the last ROC projects to go through in the UK before the incentives are cut. That said, the UK's solar industry continues to have a healthy pipeline of investment, and despite what has been a fluctuating year of regulation changes, it's encouraging to see that the sector is still viewed as a viable and commercial investment."
Steffen Bruss, Managing Director of Parabel UK Limited:
“TLT were involved in all aspects of this acquisition and provided fantastic service and advice throughout the process. TLT as a firm are extremely responsive, proactive and commercial. We are delighted to work with them and look forward to working with them in the near future."
TLT's Energy & Renewables team is one of only a handful of law firms that has real experience on advising on a range of energy storage projects both retro-fit and as part of more strategic grid orientated solutions including the National Grid's Enhanced Frequency Response, Firm Frequency Response and projects which utilise revenue "stacking".