Our Corporate Energy Transition team advised Gresham House Renewable Energy VCT 1 plc and Gresham House Renewable Energy VCT 2 plc (together, the "VCTs") on the sale of the VCTs' remaining solar assets to a UK entity managed by True Green Capital Management LLC, a specialist renewable energy infrastructure fund manager focused on distributed power generation across the US and Europe.
The transaction comprises the disposal of the VCTs' remaining ground-mounted solar sites for a total gross consideration of approximately £20 million.
The transaction represents a significant milestone in the delivery of the VCTs' realisation strategy, following shareholder approval of a revised investment policy in July 2021. It follows the VCTs' earlier disposals of two ground-mounted solar sites and approximately 1,600 commercial and residential rooftop installations in April 2023, as well as the recent sale of small wind assets.
Gill Nott, Chair of Gresham House Renewable Energy VCT 1 plc, and Christian Yates, Chair of Gresham House Renewable Energy VCT 2 plc, said: "This transaction is an important milestone in the delivery of the VCTs' realisation strategy. Gowling WLG's Corporate Energy Transition team provided clear, commercial and responsive support throughout the process."
The transaction team was led by Corporate Principal Associate Alex Farrow and Partner and Global Co-lead of the Energy, Nuclear, Natural Resources and Infrastructure Sector Team Gareth Baker. They were supported by Associate Orissa Kaur and Trainee Solicitor May Li (Corporate), Senior Counsel Chris Brierley and Principal Associate Orest Matviychuk (Finance), Partner Matthew Poole and Associate Natalie Groves (Corporate Tax), Partner Gus Wood and Senior Associate George Nixon (Commercial Energy & Energy Regulatory), Associate Alicia Dominique and Senior Associate Tom Wang (Projects/Construction), and Legal Director Susannah Fink (Insurance).
Gowling WLG's Energy Transition team has a strong track record advising investors, developers and funders on investments and transactions across the low-carbon infrastructure sector, including heat networks, renewable energy and energy storage. Recent examples of transactions include advising Pioneer Point Partners on its investment in Rendesco Limited.