Osborne Clarke advised Renewables Infrastructure Group on acquisition of battery storage facility
Osborne Clarke advised Renewables Infrastructure Group on acquisition of battery storage facility
On completion, the project will have a total capacity of 100MW/200MWh
International law firm Osborne Clarke has advised a listed investment company, The Renewables Infrastructure Group (TRIG) on the acquisition of 100 percent equity interest in Project Spennymoor.
While TRIG's portfolio includes onshore and offshore wind farms and solar parks in the UK and Europe, Spennymoor is a battery storage development project, which, on completion, will have a total capacity of 100MW/200MWh.
TRIG acquired Spennymoor from Renewable Energy Systems (RES), which is TRIG's Operations Manager and the world's largest independent renewable energy company. RES has been at the forefront of wind energy development for over 40 years. It has developed/constructed wind, solar, energy storage and transmission projects totalling more than 22GW in capacity.
Currently, in the late-stage development phase, the project, once operational, is expected to represent 2 percent of TRIG's portfolio by value. Situated in County Durham, the project is in close proximity to a high-voltage substation connection and is ideally located in a significant industrial cluster in the Humber region. This will help alleviate grid constraints and provide balancing services.
Richard Crawford, the head of energy income funds at InfraRed Capital Partners, TRIG's Investment Manager, commented, "TRIG's investment in Project Spennymoor deepens our position in the flexible capacity sector, which is going to become increasingly important as renewables penetration increases. Investments in battery storage projects such as these not only complement the renewable generation assets in the portfolio, but also leverage the strong expertise of InfraRed and RES."
Chris Yeo, a partner in the corporate team of Osborne Clarke commented: "Investment in sustainable infrastructure, like battery storage facilities, is essential in the drive to capture and purposefully deploy green energy across the UK. It was a pleasure to work on this deal with TRIG and we look forward to watching the project develop to completion."
This deal showcases Osborne Clarke's established and well-respected position as one of the leading law firms advising on renewable energy projects and transactions. The team utilizes its experience and understanding of the energy sector to guide its clients on decarbonization journeys.
The Osborne Clarke team advising on the deal was led by Chris Yeo (corporate partner) along with Tim Williams (senior associate) and Courtney Cox (trainee solicitor). Others on the team included Dave Kerr (partner, real estate), Josh Taylor (senior associate, planning), Simon Hobday (partner, projects) and Giles Herring (associate, projects).
