Independent UK law firm Burges Salmon has advised GCP Infrastructure Investments Limited (“GCP”) on the sale of two operational onshore wind farms to OnPath Energy, a subsidiary of Brookfield Asset Management.
With a combined generating capacity of 28MW, Pates Hill Wind Farm, in West Lothian, and Milton Keynes Wind Farm, benefit from Renewable Obligation subsidy support and have been operational since 2010. The disposal has generated day one proceeds of £16.5 million for GCP, with a further £1.3 million linked to achieving project milestones. The deal reinforces GCP’s commitment to its capital allocation policy and illustrates the attractive risk-adjusted returns it achieves for its shareholders.
Burges Salmon’s Corporate and M&A team advised on the transaction, led by partner Jonathan Eves and solicitor Will Penfold. The firm has a longstanding relationship with GCP, having supported the company on investments into pioneering Net Zero projects including solar-powered EV charging infrastructure SolarCatcher and ultra-low emissions taxis, and last year guided the client through a £150 million revolving credit facility backed by a consortium of lenders, including Lloyds Bank and Allied Irish Bank.
Jonathan comments: "We’re pleased to have supported GCP on another important disposal, demonstrating the strong market demand for renewable energy assets and highlighting the expertise and dedication of our Corporate and M&A team in delivering high-value outcomes for our clients."
Philip Kent, CEO at Gravis Capital Management, the Investment Adviser to GCP, adds: “GCP invested in the Milton Keynes and Pates Hill wind farms in 2017. Since then, these assets have provided attractive returns for GCP's shareholders, generated a significant amount of renewable energy to support UK decarbonisation, and have contributed positively to the local area. We are grateful to the team at Burges Salmon, longstanding advisers to Gravis, for their support in completing this transaction."
Working closely with its clients who range from multi-national corporates, financial institutions, investors and high-growth businesses through to partnerships, co-operative societies and private individuals, Burges Salmon’s Corporate and M&A team draws on the skills of experts from across the firm to offer clients pragmatic, commercial and co-ordinated advice.