JLL advises St. Modwen on disposal of operational 5MWp FiT Accredited Solar Farm
JLL’s Energy & Infrastructure Advisory team advises leading property developer, St. Modwen Developments Limited
JLL’s Energy & Infrastructure Advisory team has advised leading property developer, St. Modwen Developments Limited, on the successful sale of their operational Baglan Bay solar farm to Innova Energy.
The 5MWp ground mounted solar farm commissioned in 2014 is located in Baglan Bay, South Wales. It is accredited under the Feed-in-Tariff (FiT) and benefits from 20-year RPI indexed tariff, expiring in 2034.
The asset and the freehold were both owned by St. Modwen Developments Limited, a subsidiary of FTSE250 listed St. Modwen Properties plc. JLL acted as lead advisor on the asset sale and grant of a lease by St Modwen. Following a competitive bidding process, completion of the transaction was achieved in just over a month to Innova Energy.
Marcus Peech, Director and head of solar at JLL Energy & Infrastructure Advisory team said: “We’re pleased to have supported St Modwen, a FTSE listed business, and led the disposal of this FiT asset. 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. We hope to work with both St Modwen and Innova again in the near term.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.