We advised Peel on the disposal of two onshore wind farms (known as 'Project Pillar'): the disposal of Peel's 50% interest in the 50MW+ Frodsham wind farm to Foresight (Peel's existing joint venture partner) and the disposal of the 8.2 MW Sheerness wind farm to Ingenious.
The Project Pillar transactions were strategically important for Peel Energy and the wider Peel Group who intend to reinvest in developing new renewables and flexible technology projects.
These transactions are good examples of the work we do in this space. Both the Frodsham and Sheerness disposals were complex, in particular because of ongoing commitments required relating to radar solutions, pre-emption mechanics and, on Sheerness, the self-administration in Germany of Senvion (the turbine supplier and maintenance contractor) which in each case called for significant innovative thinking in order to get the deals to completion.
We advised on all aspects of the transactions comprising corporate (including Foresight exercising its right of pre-emption under the joint venture agreement), project finance, energy/projects and real estate.