Our Financial Services & Funds and Energy Transition teams have advised clean energy-focused investor Atrato Onsite Energy on the disposal of the whole of its portfolio of solar assets to a joint venture owned by global investment firm, Brookfield, and RAIM Apollo, for £218.7 million.
Completion of the disposal is conditional upon shareholder approval of a new investment objective and policy for the company. Following the change of investment objective and policy and completion of the disposal, the board intends to seek shareholder approval for the voluntary liquidation of the company with a view to distributing its net assets to shareholders as soon as reasonably practicable.
The portfolio includes committed or deployed funding into UK solar technology across 51 projects, with a combined capacity of 204 MW across 14 offtakers and has a 14.2-year average unexpired contract revenue term.
Partners Oliver Riley and Gareth Baker led the deal, working with Associates Henry Stride and Scott Wilson, and the team were supported by Partners James Stanier and Madhu Jain, Legal Directors Susannah Fink and Arminder Dhillon, Senior Associates Laura Barron and Lillian Campion, Associates Russell Evans, Emily Chittick, Natalie Poole, Jack Mitchell and Dan O'Donnell, Principal Associate Emily Airton, and Of Counsel Sanjay Mehta.
The Financial Services & Funds team is one of the leading advisers to the investment funds sector, and brings together a wealth of talent covering tax, corporate, finance, regulatory and dispute resolution.
Gowling WLG's multi-disciplinary Energy Transition team has a first-class reputation with regard to renewable and clean energy and operates seamlessly around the globe. The team has been advising on transactions across a range of energy transition technologies, including Brockwell on its acquisition of London-based renewable energy developer, RNA-Energy Ltd and Pioneer on its investment into Perpetum Europe, as well as advising HydrogenOne on numerous transactions, including its participation in a €215 million Series E equity financing round by Sunfire GmbH. The team was also recently named by Inspiratia as the top UK hydrogen project adviser for the period of 2020-2023. The Energy Transition team was recently strengthened with the appointment of Corporate Partner Will Glover.
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