Disposal of an Operational 5MWp FiT Accredited Solar Farm in Wales
UK renewable energy has moved to a post-subsidised era resulting in legacy subsided projects trading at a higher premium. Unlike merchant assets, FiT accredited assets benefit from a 20-year indexed liked tariff providing long term revenue certainty to investors.
JLL was engaged to manage the disposal of a FiT accredited solar park in South Wales for a FTSE250 listed business.
The client required an accelerated competitive disposal process in order achieve completion before the end of their financial year.
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Our deep understanding of solar assets and the market allowed us to identify and mitigate the key potential bottlenecks and pitfalls in the transaction before going to market. This was key in ensuring an accelerated and short transaction timeframe.
The main risk to transaction timeline was identified as due diligence. In order to accelerate DD, on behalf of St. Modwen, JLL ran a tender process for a 3rd party Technical Advisors to provide a vendor Technical Due Diligence report which was made available in the VDR. As a result of effective vendor DD and securing a fast moving buyer the transaction was completed in a very short time frame to the satisfaction of all parties involved. Following a competitive bidding process, completion of the transaction was achieved in just over a month.