Member Article

Narec Solar deal complete

A local law firm has helped the National Renewable Energy Centre (Narec) to continue its high tech operations in the North East through the formation of a new photovoltaic division.

Following an investment made by a European partner, Muckle LLP assisted Narec in the formation of the new company Narec Solar Ltd. This will now allow the company to continue to provide solar energy products and services to clients around the world.

The development is extremely positive news for the regions solar energy industry. Alex Cole, Managing Director of Narec Solar commented: “This investment means that highly technical jobs remain in the North East.

“We will work with our new partners to grow our global client base for solar cells, solar cell modules, research and development, and consultancy services.”

Nicola Loose, partner at Muckle LLP was one of the lawyers working on the deal. She said: “Narec has restructured its core operations to focus on the development of offshore renewable technologies – wind, wave and tidal.

“We helped Narec to structure the sale to create a new standalone business. Narec also maintains an ongoing interest in the new company – so the links and support remain.

“This deal secures the photovoltaic division and safeguards jobs in that division in Blyth for the future. The challenge was in ensuring the deal went through quickly, which we did.”

Over the past few years, Muckle LLP and Narec have established a strong working relationship. Richard Marr, financial director at Narec commended the law firm for their dedication to completing the deal quickly and effectively, whilst also offering excellent legal advice.

He added: “They understood our objectives – changes to our business strategy and funding model required that the PV business was spun out as a stand-alone operation.

“15 full time employees have been transferred into the new company, which will sub-lease the existing PVTC premises in Blyth and continue business as normal, as a fully commercial operation.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .