West Midlands power plant sold to national energy firm

Energy developer Suncredit has sold a West Midlands gas-fired power plant project to Conrad Energy.

Conrad Energy, which owns a large portfolio of power plants across the UK, has bought the 24MW site as part of its ambitious plans to develop, own and operate up to 1GW of flexible gas-fired generation and behind the meter assets.

The project, known as Anchor Lane, will provide enough electricity to power over 14,000 homes.

Law firm TLT advised on the deal. The TLT team was led by corporate specialists partner Kay Hobbs and chartered legal executive Nick Rains, and by property specialists legal director Kerri Ashworth and solicitor Andrew Brown.

Dave Wilkerson, commercial manager at Conrad Energy, said: “We are pleased to have added another quality asset to our flexible generation portfolio, and are thankful to TLT for their advice. Their experience was key in ensuring the transaction ran as smoothly as possible.”

Rains said: “This transaction shows the continued appetite in the market for consented flexible generation projects. The acquisition of Anchor Lane demonstrates that, with appropriate revenue stacking, investors are able to find value in projects of this nature without being dependant on the capacity market.

“However, the recent reinstatement of the capacity market should help restore investor confidence and we expect to see further growth in investment in flexible power projects such as this.

We are delighted to have advised Conrad Energy, who are highly experienced in this sector and we look forward to working with them again.”