12 September 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Santander on the acquisition of a 31.6 MW solar park in Suffolk, which will be one of the UK’s largest ground mounted solar projects. WFW advised Santander Asset & Capital Structuring, the risk equity arm of the bank, on the acquisition of Broxted Solar Farm Limited from development company Lark Energy.
The solar farm, which is due to be completed by the end of the year, is being built on a 150-acre site at the RAF Stradishall site, a Second World War airfield. The EPC contractor is Isolux Corsan.
London partner Richard Goodman led on the acquisition and was supported by a team drawn from WFW’s project, corporate, real estate and tax groups, including associate Tanvir Dhanoa (corporate) partner Gareth Phillips (planning), associate Gemma Wilkinson (real estate) and partner Richard Stephens (tax). Oliver Alexander, Executive Director, Asset & Capital Structuring, Santander, said: “It represents our second major investment in UK solar and is forming part of a wider portfolio of UK solar projects we are constructing over the next six months.” Richard Goodman, finance partner at WFW, said: “We are delighted to support Santander on this acquisition, evidencing the commitment of the bank and WFW to key renewables projects in the UK market. The deal underlines our experience and position as an adviser of choice in this sector.” WFW is regularly involved in major solar projects. In July 2013 the Paris office advised HSH Nordbank AG on the financing of 12 solar power plants to be built in France whilst in June the German and Italian offices worked together for Chorus on the acquisition of a 7.8 MW solar farm in Italy.