News and media

Energy team at Harper Macleod completes deals worth more than £300m in six-month renewables surge

The UK's booming secondary market in renewable energy projects has seen the Energy & Natural Resources team at leading Scottish law firm Harper Macleod complete a series deals worth in excess of £300m in an unprecedented six-month spell.

Led by one of Scotland's leading renewables lawyers, Harper Macleod Senior Partner David Bone, the firm acted for The Renewables Infrastructure Group Limited (TRIG) in its acquisition, of the Solwaybank wind farm in Dumfries & Galloway for a total consideration expected to be around £82 million including construction costs. The project is expected to become operational in early 2020.


The acquisition formed part of a remarkable series of transactions for the HM team. In April they acted for Aberdeen Standard Investments in providing £43 million private debt to finance six operational hydro schemes in the Scottish Highlands. In May, Bone led the team advising Fred. Olsen Renewables (FORL) in the sale of a stake in two operational Scottish wind farms to Aviva Investors for around £117 million and then a secured facility agreement with banks over these wind farms.

The team also acted for FORL in the acquisition of Brockloch 1 wind farm and assisted Natural Power in providing management services for the Withernwick extension wind farm in the East Riding of Yorkshire – believed to be the UK's first subsidy free onshore wind farm – taking the total deal value beyond the £300m mark.

David Bone (pictured), said: "While development work in renewables is slower while the industry grapples with the financing of subsidy free projects, the secondary market has been booming as funds see the benefit of acquiring green investments and better understand the mature market that renewables has now become. Lenders have also been active as clients look to refinance projects and we are fortunate in the quality of the work we have received and that which is ongoing."

HM's renewable energy, planning and banking teams were involved in the deals including David Bone, Omar Ali, Peter Ferguson, David Steel, Lewis Hendry, Roslyn MacDonald and Tony Cameron.