PE solar investment supported by Martineau

BIRMINGHAM law firm Martineau has completed what it claims is one of the largest private equity investment programmes in the UK solar sector.

The firm’s corporate finance team was acting for City-based fund manager Octopus Investments, a long-standing Martineau client.

Martineau has advised Octopus on ten individual solar photovoltaic (PV) projects – a mix of roof and land based schemes – located across the UK, with further projects underway.   Investments ranged in size from £2m to £15m and each will benefit from subsidies under the government’s feed-in tariff scheme. The projects have a combined capacity of around 50 MW.

The 30-strong Martineau team was led by head of corporate finance, Kavita Patel, with lawyers drawn from across the firm, including the energy, property and banking teams.

Andrew Whitehead, Martineau’s head of ernergy, said: “It’s gratifying to have played a key role in this significant solar deal. I think this is a great demonstration of the role private equity has to play in the success of the UK’s renewable energy programme.  

“This is just one of many similar schemes on our books, funded in a variety of ways. I am confident we will see more of these coming on stream and contributing to the UK’s renewable energy targets.”

Head of the solar team at Octopus Investments, Matt Setchell, said: “This is an important project for Octopus, and one we felt Martineau would be instrumental in pulling together in light of their expertise in both the investment and energy markets. The firm’s strength in depth was demonstrated by the ability to utilise the knowledge and experience of lawyers working in other sectors – most notably property – which enabled them to deliver all the legal support required in a project of this nature.”