Ashurst advises Sosteneo on acquisition of battery storage system
07 November 2023
07 November 2023
Global law firm Ashurst has advised Sosteneo Fund 1 HoldCo S.à.r.l. (“Sosteneo HoldCo”) on the acquisition of 100% of the shares in Pacific Green Battery Energy Parks 2 Limited (“PGBEP2”) from a subsidiary of Pacific Green Technologies, Inc. ("Pacific Green"). Sosteneo HoldCo is an investment vehicle for the Sosteneo Energy Transition Fund, under the investment management of Sosteneo SGR S.p.A. (“Sosteneo”), a specialist manager of greenfield energy transition infrastructure and part of the Generali ecosystem of asset management firms.
PGBEP2 is the holding company of Sheaf Energy Limited, Pacific Green’s 249 MW / 373.5 MWh battery energy storage system in Kent, England.
This is the second battery energy storage system based in south-east England to be acquired by Sosteneo on behalf of clients, following the purchase of Richborough Energy Park earlier this year, on which Ashurst also advised.
The Ashurst team was led by partners Michael Burns and Katie Williams, assisted by senior associates James Powell, Anthony Gray and William Keen and associates Victoria Mills, Ali Clift and Matthew O'Regan. The wider team comprised partner Nicholas Hilder, senior associate Adam Eskdale and associates Femi Omosuyi, Kamila Saatova and Katherine Borg. Environmental and planning advice was provided by partner Eleanor Reeves, counsel Charlie Reid and senior associate Joanna Fox, with consultants Alexander Brown and Marc Ferster advising on real estate matters. Partner Paul Miller and associate Oliver Passmore advised on tax matters, and partners Isabelle Lentz and Arnaud Julien, counsel Paul Witte and associates Pierre Joubert and Frank Noesen led on matters pertaining to Luxembourg law.
Commenting on the transaction Michael Burns said: “We are seeing continued deal activity in energy storage as the energy infrastructure of the future is taking shape - but there is a long way to go. It’s been a pleasure to work with the Sosteneo team on their first UK investments and we look forward to working with the team in the future.”