The Net Zero Services team at independent UK law firm Burges Salmon has advised UK solar developer and asset manager Zestec Renewable Energy (Zestec) on a deal to acquire and invest into Scotland’s largest airport-based solar farm. The special purpose vehicle, acquired from ikigai Energy, holds the rights to build a maximum 19.9MW solar power scheme at Glasgow Airport.
Zestec, which is owned by funds managed by Octopus Energy Generation, will own and deliver the 40-acre ground-mounted scheme on the airport’s site, with completion of the first phase expected in mid-2024. The development of the solar farm is an important milestone in Glasgow Airport’s sustainability journey, enabling on-site clean energy generation and supporting the decarbonisation of its operations.
A multi-disciplinary team at Burges Salmon advised Zestec on the transaction, including on the negotiations relating to the power purchase arrangements, a grid sharing arrangement and the land arrangements with the airport. The team was led by Camilla Usher-Clark and Ross Fairley supported by a group of experts from the firm’s Tax, Real Estate, Projects and Planning teams.
Lead partner Camilla Usher-Clark comments: “It has been a pleasure working with Zestec on its first airport solar project, which plays an important role in the decarbonisation of the air travel industry and the UK’s Net Zero ambitions. Our Net Zero lawyers have been at the forefront of the development of the UK solar market since 2010 and this sector insight, coupled with our cross-disciplinary legal expertise, meant we were well placed to advise on this complex flagship project.”
Chief operating officer of Zestec Toby Smith adds: "We are excited to include this solar plant, designed to help Glasgow Airport decarbonise its operations, in our growing family of behind-the-meter solutions. The Burges Salmon team has the experience and agility to deal with complex matters and we’re grateful for their ongoing support with this project.”
Burges Salmon’s Net Zero Services team has a track record of advising on corporate decarbonisation projects including those associated with airports. The firm is regularly engaged in onshore and offshore wind, solar, BESS, biomass, energytech and other Net Zero projects, with the team advising on all key stages and aspects of major renewable developments.