Bird & Bird's Energy & Utilities team has advised its long-term client Goldbeck Solar Ltd on the sale of its 49.6 MW operational UK solar asset, Sandridge solar farm, to Foresight Solar Fund Limited (“FSFL”).
Sandridge is one of the largest solar farms in the UK, and the deal was FSFL’s second largest acquisition.
Goldbeck Solar acquired the project in 2015, connected the asset to the grid in March 2016 and secured a 1.3 ROC subsidy banding for the site.
Bird & Bird has advised Goldbeck since mid-2015 on all aspects of the transaction, including the due diligence, sale & purchase agreement (for original acquisition and sale), real estate leases, grid connection and EPC & O&M contracts.
The Bird & Bird team was led by partners Elizabeth Reid (co-head of the Renewables group) and Matt Bonass (co-head Energy & Utilities group), who were assisted by associates Andrew Collins, Will Porter, Levent Gurdenli, Emma Cordiner and Laura Jordan.
Elizabeth Reid, Partner, Bird & Bird says: "The start of 2017 has been a very busy time in the UK solar industry. We have worked with Goldbeck from their entry into the UK solar market in 2011 – so we are delighted to have been able to advise this valued client on their largest solar sale to date."Osborne Clarke advised Foresight Solar Fund Limited.