TLT has advised renewable energy developer Spring on their partnership with Germany-based investor Altus GmbH, which will enable the development of subsidy-free solar projects across the UK.
The new joint venture will allow for the development of a number of 40-50MWp subsidy-free ground-mounted solar projects, with Spring Che Ltd bringing its extensive clean energy development experience to the partnership, having previously delivered hundreds of megawatts of clean energy projects both in the UK, and around the world.
The TLT team was led by corporate partner Antonia Silvestri and chartered legal executive Nick Rains, who advised on the joint venture agreement and associated articles. Banking partner Gary Roscoe led negotiations of the loan documentation.
Hugo House, director at Spring says: "Our mission is to enable clean growth and we are passionate about connecting people to sustainable energy and working with landowners and local communities to develop renewable energy solutions.
"Our joint venture with Altus will allow us to deliver our ambitions more quickly, and we plan to deliver 100MW of new solar PV with this deal. "We are grateful to the team at TLT for their invaluable advice and look forward to working with them again as the various projects come to fruition."
Sascha Klos, Development Director at Altus says: “We are pleased to be entering the UK subsidy-free solar market and look forward to developing a significant amount of projects with our partner Spring over the years to come.”
Antonia Silvestri, corporate partner at TLT says: "TLT is proud to play a role in promoting the development of clean energy projects and look forward to further supporting Spring as these developments progress.
"In a post-subsidy environment, we're pleased to see partnerships like this emerging, which will help build a sustainable energy future for the UK."
Gary Roscoe, banking partner at TLT adds: "The clean energy market continues to show significant potential and we are seeing some very interesting developments in the wake of regulatory and subsidy changes.
"The partnership between Spring Che and Altus demonstrates that subsidy free solar is becoming not only increasingly viable, but also an attractive investment prospect for EU based investors, despite the uncertainty posed by Brexit."
TLT has advised on a wide range of JV arrangements, and is ranked 5th most active clean energy legal adviser for volume of M&A and project finance deals globally over the last 3 years by Clean Energy Pipeline. The combined value of these 129 projects was over US$1.9bn.