Michelmores advises on the £15 million sale of 13.5MW of solar assets from CTF Solar
Michelmores has advised on the sale of 13.5MW of solar assets from CTF Solar to BlackRock Real Assets, through its Kingfisher partnership with Europe’s leading solar energy company, Lightsource BP. The acquisition consolidates the secondary UK solar market.
The £15 million acquisition, through BlackRock’s Renewable Income UK Fund, will see BlackRock acquire three CTF Solar projects in the United Kingdom. These include Wormit Farm in Fife, Scotland (5MW), Stanton under Bardon Farm in Leicestershire, England (3.6MW) and Gretton in Winchcombe, Gloucestershire (4.9MW). All the assets are supported under the Renewable Obligation at a rate of 1.3 ROC/MWh.
CTF Solar is a German engineering company whose core expertise and extensive experience lie in the development of thin-film solar technologies and the turnkey construction of thin-film solar module factories. Since 2012, CTF Solar has been owned by China Triumph International Engineering Corp. (CTIEC), a member of the state-owned CNBM Group (China National Building Materials Group). As a European subsidiary of CTIEC, CTF Solar also contributes to CTIEC’s activities installing solar power plants in Europe.
Alexandra Watson, Partner in the Corporate team, said
"We originally acted for CTF Solar on the acquisition of the three solar sites at consented stage, and are delighted to have supported them through the sale of these sites."
CTF’s General Manager, Dr Michael Harr, added:
“It was reassuring to have the support of the Michelmores' team, as they helped with the original acquisition so they understood the projects well. Their support and advice enabled us to successfully sell our UK-based solar park portfolio."