Osborne Clarke advises Gresham House on acquisition of renewables and battery storage portfolio

By Nicky Godding

28 July 2022

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Bristol-based lawyers at Osborne Clarke have advised specialist alternative asset manager Gresham House on its acquisition of two fully-permitted solar and battery energy storage projects in the UK from global energy provider, Canadian Solar Inc.

The two projects comprise a collocated solar and battery energy storage project in County Durham, with 50 MWp solar capacity and 38 MW (or 76 MWh) of battery energy storage, and a standalone solar project in Warwickshire of 28 MWp.

The two projects are both permitted and construction ready. Canadian Solar will continue to be involved in the projects, responsible for both the long-term operations and maintenance activities.

Both parties plan to continue prioritising collocated renewable projects, where solar PV and battery energy storage plants are built together and share the same grid connection infrastructure. Such projects provide economic advantages, through shared capital and operating costs, and support the UK economy to meet its net-zero carbon targets thanks to significant benefits to the UK grid by improving system reliability and enabling greater integration of renewables.

The Osborne Clarke team assisting Gresham House was led by Bristol-based partner Chris Yeo, who specialises in low carbon and renewable energy deals, and included senior associate James Archer and associate Jay Eng, also both based in Bristol.

Peter Bolton, investment director, renewable energy at Gresham House, said: “We are excited by the opportunity to expand our portfolio of subsidy-free renewables and to secure further co-located solar and battery energy storage assets. Gresham House is a long-established investor in both renewables and battery energy storage, and we believe in the strong economic case for co-locating the technologies on the same site. This reflects a UK-wide requirement for more renewables capacity and for battery energy storage to support the grid system as further intermittent renewable generation is added.”

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.