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The Business Magazine November 2023
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TLT completes sale of UK’s largest co-location solar and battery portfolio

6 March 2023
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Solicitors at Bristol-based law firm TLT have advised Cero Generation’s joint venture with Enso Energy on the sale of a ready-to-build co-located solar and battery project portfolio to DIF Capital Partners – in a deal understood to be the largest co-located portfolio in the UK.

The portfolio consists of seven sites with a total capacity of 720MW (380 MW of solar and 340MW of battery storage) which were developed by EGHL.

The sale of each project will complete once each site is at ready-to-build stage. The first two projects have begun construction and it’s expected all projects will be operational between 2024 and 2026.

TLT’s future energy team advised on the development of these projects, dealing with a suite of complex property arrangements and advised on the corporate disposal to DIF. The team was led by partner Kay Hobbs with support from Francesca Drake, Maria Connolly, Jessica Jeanes and Joe Gallon.

Ian Harding co-founder at Enso, commented: “We’re extremely grateful for the hard work and support of TLT’s future energy team throughout this transaction. The complexity of the portfolio arrangements required expert legal guidance and advice from a team that has in-depth knowledge of clean energy projects, in particular co-located projects. TLT delivered on all aspects of the development and disposal and their guidance was instrumental in achieving completion.”

Kelvin Ewald, director of corporate development at Cero Generation, said: “This transaction was an important milestone for the EGHL business, and showcases the quality of the portfolio we continue to invest in alongside Enso. These projects will make an important contribution to the decarbonisation of the UK’s power grid and shift us closer to a net zero future.

"We were pleased to work with the expert team at TLT, who have supported our business for a number of years across the portfolio and brought a strong understanding of both the property and corporate aspects of this transaction.”

Kay Hobbs, partner at TLT said: “It was a pleasure to work with EGHL and DIF in achieving a successful result on this standout transaction. The portfolio was complex with bespoke provisions required in respect of each project, however, the collaboration and commitment of all parties has culminated in a fantastic outcome for all involved.

"TLT has advised on these projects from the outset, along with the remaining 5GW under EGHL ownership, so it’s great to see these projects now change hands and move forward into construction.”

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.

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