We acted for our client in a complex deal in respect of a sale of 15 operating hydro schemes and two hydro schemes which are under construction. This was completed alongside a re-finance of the schemes.
Key highlights
- The assets were being sold and re-financed at the same time which meant that in addition to completing a due diligence red flag report, letters of reliance had to be obtained from the previous parties acting, preparing numerous Addendums to Certificates of Title, obtaining landlord consent to the change of control and or charging of each leasehold interest. This amounted to 27 Addendums to Certificates of Title and 25 Landlord consent letters.
- We project managed the transfer of the portfolio and the re-finance advising the client on complex leasing structures, negotiating reliance letters and re-finance documentation.
This was one of the more complex and tricky transactions we have been involved in partly due to the volume of projects and the number of leases per project. However, with the breadth of experience of the team across different sectors we were able to deliver for the clients. Kirsty Macpherson, Brodies LLP
Outcome
This project was probably the largest portfolio hydro sale in the UK in 2019 and demonstrates our expertise in the hydro sector and our ability to deliver on this size of project.
