Osborne Clarke has advised the listed environmental infrastructure fund, JLEN, on its acquisition of Warren Power Limited.
The initial consideration, including working capital, was £14.8 million – subject to additional deferred payments up to £0.8m.
WPL owns 100% of the equity in Warren Energy Limited, which holds the rights and operational assets that make up the anaerobic digestion plant.
The Warren AD plant is located in Methwold, Norfolk, was commissioned in December 2015 and became operational in March 2016. The plant has a thermal capacity of c.5MWth and predominantly produces biomethane to be injected to the national gas grid. In addition, the plant also has a 0.5MWe CHP engine and is accredited under the Renewable Heat Incentive (RHI) and Feed-in-Tariff (FiT) schemes.
JLEN Environmental Assets Group Ltd is a closed-end fund incorporated in the United Kingdom. The Company objective is to provide value by investing in environmental infrastructure assets.
The Osborne Clarke team was led by corporate Partner Adam Love (Picture) and Energy and Utilities Sector Leader and Partner James Watson. Adam and James were assisted by corporate Associate Jonny Gait. The broader Osborne Clarke team consisted of Partner Erika Jupe and Associate Bridget Baillie (tax), Partner Carl Thompson (construction), Partner Matthew Germain and Senior Associate Caroline Bush (environment), Associate Director John Webster (planning), Associate Director Charlotte Walker and Senior Associate Leanne Hooper (real estate), Carl Roche (property litigation) and Matthew Kyle (regulatory health and safety).
Involved fees earner: Bridget Baillie – Osborne Clarke; Caroline Bush – Osborne Clarke; Jonny Gait – Osborne Clarke; Matthew Germain – Osborne Clarke; Leanne Hooper – Osborne Clarke; Erika Jupe – Osborne Clarke; Matthew Kyle – Osborne Clarke; Adam Love – Osborne Clarke; Carl Roche – Osborne Clarke; Carl Thompson – Osborne Clarke; Charlotte Walker – Osborne Clarke; James Watson – Osborne Clarke; John Webster – Osborne Clarke;
Law Firms: Osborne Clarke;
Clients: JLEN Environmental Assets Group Ltd;