Michelmores advises Armstrong Capital on acquisition of commercial rooftop solar assets portfolio
Michelmores' Energy team has advised Solar Growth Limited, managed by Armstrong Capital, on its acquisition of 39 commercial rooftop solar systems.
Solar Growth Limited secured funding for the deal from ProVen Legacy PLC, managed by Beringea – marking a new collaboration between Armstrong and Beringea. Michelmores advised on the due diligence and transaction documentation for the acquisition, and on the secured funding arrangements.
Solar Growth Limited is part of a group of IHT trading companies managed by Armstrong, offering UK investors Business Property Relief eligible investments in a portfolio of energy trading projects, with a particular focus on UK solar.
The commercial rooftop solar systems in the acquisition were developed by Eden Sustainable Group, and have a total capacity of 3,000 KWp. The solar systems all have long-term energy sale agreements linked to the leases and, in most cases, also receive subsidy income under the Feed-in Tariff system.
Commenting on the deal, Jonathan Hick, Investment Director at Armstrong, said:
“We are delighted to have completed the acquisition, and to have established new, strategically important partnerships with Eden and Beringea. The new solar systems will offer greater diversity to the growing portfolio of projects in Solar Growth and, with long-term contracted revenues, provide further mitigation from variable power prices in these uncertain times. Thank you to Alexandra Watson and the Michelmores team for their support on this transaction, with whom we look forward to working with on further transactions later this year."
"It is a pleasure to work with the Armstrong Capital team on another acquisition, and to support on their strategic arrangement with Beringea."