Through separate expert AG teams, we simultaneously advised:
1. Greencoat Capital on the acquisition of each of LCF5 and LCF6, each of which are carrying out development and construction of two of the country's largest commercial greenhouses, which are warmed and powered using an energy-centre which re-uses waste heat extracted from water treatment facilities to generate electricity and produce heat in the form of warm air; and
2. LCF5 and LCF6 on the contracts for the construction of the greenhouses (split into separate contract packages for the energy centre, civil works, and utility works).
This novel and innovative approach of simultaneously advising the investor and the project company reduced the need for legal due diligence and enabled the transaction to close more quickly, which was essential for securing the Renewable Heat Incentive (a government subsidy associated with the use of renewable heat), which was essential to the project's investment case. To ensure tight deadlines were met we were able to utilise the strength of our team to conduct the bulk of the SPA negotiations in a 48 hour period.
This is the first such project undertaken globally, and these greenhouses will be the largest of their type in the world (each will be larger than the O2 Centre). Once operational, the greenhouses will be capable of producing more than 1 in 10 of the country’s tomatoes, and will create 360 permanent new jobs.