Bond Dickinson advise on major renewables project deal

Newcastle law firm Bond Dickinson has advised Hertfordshire’s Renewable Energy Systems (RES)Limited on the sale of 18 renewables projects.

The deal was struck with The Renewables Infrastructure Group Limited (TRIG) and was funded by TRIG’s £300m initial public offering, the largest ever flotation of a dedicated UK-based renewable energy fund.

TRIG will be managed on a day-to-day basis by InfraRed as discretionary investment manager. RES has been appointed as operations manager.

The transaction includes a right of first offer for TRIG to acquire future projects developed by RES, as well as other agreements relating to the management and operation of the assets.

The Bond Dickinson team was led by corporate partner Sebastian Briggs, who comments: “The appetite of infrastructure funds for renewables assets has been increasing in recent years.

“The fact that TRIG successfully raised its maximum fundraising target and the IPO was oversubscribed reinforces the fact that quality assets can attract funding. We are delighted to have been able to work with RES and InfraRed on such a significant transaction.”

The Bond Dickinson team included partner Charles Robson and senior associates Joe Lewis, Stephen Ryde-Weller, Ed Rimmell, Ronan Lowney and Carol Tricks.