Michelmores advises Octopus Renewables on the acquisition of Innova Energy's portfolio of 57 commercial rooftop solar PV assets in the UK
Michelmores Law Firm is pleased to announce that it has advised Octopus Renewables on the acquisition of Innova Energy's portfolio of 57 commercial rooftop-mounted solar PV assets in the UK. The portfolio will be managed through Octopus Renewables' investment vehicle and benefits from Feed-in-Tariff government subsidy.
The Michelmores team included partners Alexandra Watson, Ian Holyoak and Stephen Newson along with associate Adam Quint. Commenting on the acquisition, Alexandra Watson said: "We are pleased to have worked with the team at Octopus Renewables and Zestec again on this important acquisition for its PV portfolio, providing due diligence and transaction support."
Peter Dias, Investment Director at Octopus Renewables said:
“We are pleased to add these assets to our portfolio of UK rooftop solar, offering an attractive cash flow profile for our investors. We intend to continue our expansion in this sector, which we believe is a key component of achieving net zero, and with Zestec we have a strong pipeline of opportunities for new build and acquisition.”
Octopus was also advised by Zestec, Bishop Fleming and RINA. Octopus Renewables, part of the Octopus Energy Group, is the largest investor of utility scale solar power in Europe, as well as a leading investor in onshore wind and biomass, managing a global portfolio valued at more than £3 billion.