Home / News / CMS advises DIF Capital Partners on acquisition of...

CMS advises DIF Capital Partners on acquisition of portfolio of co-located solar and battery storage projects

7 March 2023

International law firm CMS has advised independent infrastructure fund manager DIF Capital Partners on its acquisition of a greenfield portfolio of ready-to-build co-located solar and battery storage projects from Enso Green Holdings Limited (EGHL), in partnership with ib vogt. DIF will acquire a 90% interest via its DIF Infrastructure VII fund with the remaining interest to be acquired by ib vogt.

The portfolio is understood to be the largest co-location portfolio of solar and battery storage in the UK, consisting of seven sites with a total capacity of 720MW (380MW of solar and 340MW of battery storage). All sites are expected to be operational between 2024 and 2026. CMS is advising on all legal aspects of the transaction. 

CMS Corporate Partner Nick Blair commented: “We are delighted to have advised DIF Capital Partners on this strategic landmark transaction. Utility-scale energy storage has a vital role to play in the global energy mix of the future and the robust investor appetite for this as an asset class, as highlighted by this transaction, is welcome. When completed, the portfolio will greatly contribute to the UK’s transition to green and reliable energy supply.”

CMS Energy Partner Louise Dalton commented: “This transaction represents a significant milestone for the UK in terms of the deployment of co-located solar and storage. These projects are a further evolution of the battery storage business model, building on the significant increase in standalone storage capacity across the country. Integrating such flexibility into our wider energy system is crucial in order to meet our net-zero goals.”

The multidisciplinary CMS team was led by Corporate Partner Nick Blair, with support from Brett Mendonca (lead Senior Associate), Fred Cruz, Nana Dankor, James Day, Rachel Twomey and Ben Bezant (Corporate); Aaron Fairhurst and Phil Reid (Tax); and Jacqueline Vallat (Competition). The revenue and offtake workstreams are being led by Energy Partner Louise Dalton, with support from Helen Raynsford, Tom Forman, Edward Longden and Sabrina Polito (Energy). The financing workstream is being led by Finance Partner Nicholas Ross-McCall, with support from Will Fenn and Jack Corr (Banking & Finance). The property workstream is being led by Real Estate Partner Leilah Rawle, with support from Nadia Wheeler, Emma Forbes-Stocken and Kathryn Nolin (Real Estate and Planning) and the construction and O&M workstreams are being led by Projects Partner William Simmons, with support from Toby Commander and Oliver Ratnatunga (EPC).