UK law firm TLT has advised Anesco, the UK’s leading renewable energy developer, on a share sale to community energy developer Mongoose Energy. The deal will fund a 15MW solar-plus-storage project at Anesco's Drayton Manor solar farm, based near Stratford-Upon-Avon, in the UK's largest ever community energy deal.
The project comprises three separate arrays backed by revenue streams including feed-in tariffs and renewable obligation certificates (ROCs). All three arrays have had third party owned battery systems retrofitted. Two 1MVA/1.2MWh batteries and one 800kVa/1.1MWh battery have been installed by Anesco to complement the solar generation.
The deal is expected deliver nearly £5 million in local community benefits over its 20-year lifetime. When the sites are transferred into full community ownership, the new community energy company will be the largest in the UK, capable of powering around 4,500 homes.
The TLT team was led by corporate partner Kay Hobbs, and included partner Neel Mehta, solicitors Adam Kean and Andrew Russell and trainee solicitor Mary-Beth Frater.
Steve Shine, Executive Chairman at Anesco, comments: "Hybrid sites such as this, which combine solar with energy storage at scale, are at the heart of the UK’s smart energy revolution. The site at Drayton Manor will not only offer returns to investors but help reduce the country’s carbon emissions and create jobs. As a pioneer of energy storage in the UK, we are looking forward to generating the maximum benefit for investors and the local community."
Kay Hobbs, partner at TLT, comments: "We are seeing huge growth in co-locating battery storage projects with existing solar or wind power, particularly from some of the larger energy storage developers and investors. In a post-subsidy environment, co-location is a key feature to maximize value and revenue streams. We are delighted to have advised Anesco on this disposal and we look forward to many more successful transactions going forward."