Ashurst has advised Octopus Investments Limited on this deal.
The portfolio consists of eight fully operational solar PV assets, with a capacity of 122.8MW, that qualify under the Renewable Obligation Certificate regime. The assets began operations between 2013 and 2015 and currently have an average remaining life of 23.5 years. The final consideration may be increased by up to £5.4 million contingent on securing extensions to the current lease periods.
This portfolio forms part of the pipeline assets disclosed in ORIT’s prospectus dated 19 November 2019 and was acquired from an entity managed by ORIT’s investment manager, Octopus Investments Limited. This investment amounts to approximately 42% of the net IPO proceeds and is the second in a pipeline of opportunities that Octopus Investments is currently pursuing on behalf of ORIT.
The Ashurst team was led by partner Antony Skinner (Picture), assisted by renewables M&A partner Gaby Jones. Associates Viktoria Grohmann and Duncan Finnie advised on corporate matters. Associates Caitlin Cook and Helen Raynsford advised on the project documents and senior associate Sophie Jenkinson advised on real estate matters.
Involved fees earner: Caitlin Cook – Ashurst; Duncan Finnie – Ashurst; Viktoria Grohmann – Ashurst; Sophie Jenkinson – Ashurst; Gaby Jones – Ashurst; Helen Raynsford – Ashurst; Antony Skinner – Ashurst;
Law Firms: Ashurst;
Clients: Octopus Energy Investments;