DLA Piper advises Elgin Energy on sale of UK’s largest solar portfolio
DLA Piper has advised Elgin Energy, a leading international independent solar and storage developer, on the sale of a 519MW portfolio of solar PV projects and 70MW of co-located energy storage capacity to ScottishPower Renewables (UK) Limited, a wholly-owned subsidiary of global utility Iberdrola Group, one of the world's largest energy companies.
The portfolio sale marks the UK’s largest solar PV transaction to date, consisting of 12 projects at the pre-construction stage located across England, Wales and Scotland, with a combined capacity of 519MW. The portfolio also includes a co-located 70MW battery solution that is at an advanced stage of development. It is anticipated that the projects will be operational between 2023-2025.
The portfolio will be the largest to be delivered in the UK’s post-subsidy market, demonstrating the key role that solar PV combined with storage will play in the UK’s future generation mix, providing flexible and competitive renewable energy.Lead partner, Natasha Luther-Jones, commented “we are delighted to advise Elgin Energy on this portfolio sale, which will supply zero-carbon electricity to over 143,000 homes across the UK and play a pivotal role in contributing towards the UK’s 2050 Net Zero Strategy.”
The team also included Tom Metcalfe (Associate), Stephen Atkinson (Partner), Simon Winterburn (Senior Associate), Megan Williams (Associate), Howard Bassford (Partner), Michael Greig (Legal Director), Pieter Claussen (Senior Associate), Rhys Davies (Partner) and Daniel Crichton (Trainee Solicitor).