TLT advises Blackfinch on acquisition of two wind energy sites

TLT has advised longstanding client Blackfinch Energy, a leading investor in renewable energy and energy infrastructure products, on the acquisition of two new wind energy sites in Scotland.

The two sites have been acquired through Blackfinch’s energy investment holding company Sedgwick Trading Ltd. Their addition to Blackfinch’s portfolio represents further growth for the company, with its total annual renewable energy generation capacity growing to approximately 104 Gigawatt hours (GWh) across 49 individual sites and installations.

The first project is an operating onshore wind farm that has already been issued with a Renewables Obligation Certificate (ROC) from Ofgem, and is generating approximately 17.87 GWh of electricity annually.

The second project is Blackfinch’s first subsidy-free onshore wind development project, and features two of the most efficient onshore wind turbines designed by Enercon. The wind farm is expected to generate 14.55 GWh of electricity annually, and the turbines are set to be connected to the National Grid by the end of Q1 2022.

The TLT team advising Blackfinch was led by corporate partner Kay Hobbs, alongside Nick Rains (corporate); Nick Shenken (real estate); Fergus Charlton (planning); Eleanor Cochrane (projects, infrastructure and construction); and Stuart Urquhart (commercial).

Guy Lavarack, Investment Director at Blackfinch Energy, commented:

“Adding these two projects to our expanding renewable energy portfolio was a natural step in our ambitious growth plans. This is an important milestone for Blackfinch Energy, not least because of the acquisition of our first entirely subsidy-free wind development.

"We’re grateful for TLT’s depth of knowledge and expertise in this area as well as the consistent support they provide us. It has been invaluable in delivering yet another successful outcome for the business.”

Kay Hobbs, partner in the corporate team at UK law firm TLT, added:

“We are pleased to have supported Blackfinch on these acquisitions, especially given the second project is their first foray into subsidy-free wind.

“Blackfinch has a strong reputation in the market in terms of deal execution, and we are always delighted to assist them in increasing and diversifying their portfolio.

“This deal demonstrates that investors are still hungry for subsidised operational sites, which for many are right at the top of the ‘wish list’. With fierce competition for these assets though, investors are now looking further down the project lifecycle and are more willing to take construction risk as Blackfinch has done with the second project.”