Sun shining on Wragges as it completes another solar deal
BIRMINGHAM law firm Wragge Lawrence Graham & Co has advised on another transaction for its client Primrose Solar.
Energy specialists from Wragges advised Primrose on a 104 MW transaction with EDF Energy, one of the UK’s largest energy companies.
Primrose has signed long-term Power Purchase Agreements with EDF Energy for five of its existing solar farms, which includes the UK’s largest, in Hampshire.
These farms total 104 MWp (Megawatt Peak) of capacity, enough to power approximately 31,500 average homes.
Under the deal, EDF Energy will provide an inflation-linked minimum price for power over the full term of the contract. This price floor improves Primrose Solar’s ability to raise capital against the projects as it increases the level of fixed revenues lenders use to size debt and improves project returns.
Wragges partner Gus Wood led on the deal, with support from associate Alexandra Poynter.
Wood said: “It’s great to see Primrose’s hard work in delivering these solar projects come to fruition. These long-term power purchase agreements are another important step for the projects, and secure a long-term income stream for them.
“It was a pleasure to be able to use our expertise in this area to ensure a swift and successful completion for Primrose, with whom the firm has a long-standing relationship.”
