Eversheds Sutherland delivers UK’s largest operational solar portfolio deal for Schroders Greencoat

Eversheds Sutherland has advised Schroders Greencoat, the specialist renewables manager of Schroders Capital, on its acquisition of the Toucan Energy portfolio, consisting of 53 operating solar farms in the UK.

With a combined capacity of 513.5 MWp across England, Wales, and Northern Ireland, the portfolio is the largest operational solar portfolio to be transacted in the UK to date.

As one of the largest managers of operating solar farms in the UK, with 1.35 GWp of solar assets already under management, Schroders Greencoat’s extensive track record will benefit the Toucan Energy portfolio, with the aim of supporting the long-term financial stability of the assets and reliable generation of clean electricity.

Led by Co-Head of Global Energy, Stephen Hill, the Eversheds Sutherland team comprised: Will Glover, Principal Associate, Jennie Evans, Senior Associate, and Associates Julia Gawecka, and Kwadwo Owusu (all corporate), Mark Dennison, Partner and Phoebe Smithdale, Associate (financing), Alex Rogan, Legal Director (finance and restructuring), Ben Brown, Partner and Associates Rory Budworth, and Sophie Lowe (commercial/regulatory), James Lindop, Partner and Head of UK Competition, EU and Trade and Laura Wright, Senior Associate (competition), Amelia Gibbons, Principal Associate (real estate), Duncan Williams, Principal Associate and Naomi Bull, Associate (planning), Helen Mackey, Partner and Jannine Nicholas, Senior Associate (tax) and Euan Smith, Partner (employment).

Schroders Greencoat agreed to acquire Toucan Energy’s portfolio following a competitive bidding process managed by the joint administrators of Toucan Energy Holdings 1 Limited at Interpath Advisory. The transaction value is circa. £700m.

Stephen Hill, Co-Head of Global Energy, Eversheds Sutherland, commented:

“The successful delivery of this very complex transaction really underpins the continuation of an excellent relationship with Schroders Greencoat. Our utmost priority was ensuring the very best outcome for our client, particularly given this is also the largest-ever operating solar deal to be completed in the UK to date. We’re proud to have supported on such a notable transaction.”

Lee Moscovitch, Partner at Schroders Greencoat, commented:

“We would like to thank the team at Eversheds Sutherland for their legal counsel and support throughout this process. As the largest operating solar portfolio put to market in the UK, this was an incredibly complex transaction. We are pleased that these assets will continue to provide a substantial contribution to the UK's net zero strategy and will be aiming to deliver reliable returns for our clients moving forward."