UK law firm TLT has advised London-listed renewables specialist The Renewable Infrastructure Group (TRIG) on its £20m investment in an energy storage plant in West Lothian, Scotland, carrying out work that will become the precedent for energy storage projects in the future.
The 20MW Broxburn unit is one of the first large-scale commercial power storage projects to be developed in the UK. TLT advised on and negotiated complex transactional documents that are innovative and tailored for battery storage projects.
TRIG's investment will be financed from cash resources and via a drawdown from its revolving acquisition facility. Once Broxburn is completed in early 2018, TRIG will have net output of 774MW across its 56 projects.
The TLT team included partners Kay Hobbs and Neel Mehta, and legal directors Stuart Urquhart and Fergus Charlton, who worked closely with TRIG, Renewable Energy Systems and technical advisers Everoze on the deal.
Hobbs comments: "TRIG's acquisition of the Broxburn site is further evidence of the investment boom that TLT is witnessing in respect of the energy storage market. We look forward to continuing to play a leading role in the development and construction of energy storage projects."