CMS has advised Legal & General Capital (Legal & General) on its further investment in The Kensa Group (Kensa), together with Octopus Energy (Octopus).
Kensa is the UK’s leading manufacturer and installer of ground source heat pumps. The investment by Legal & General and Octopus marks the biggest investment ever made in ground source tech in Britain and will allow Kensa to rapidly expand and install 50,000 ground source heat pumps a year by 2030. This investment will make heat pumps even more accessible to more properties, including retrofits for social housing, terraced housing, and non-domestic buildings. Finance will also be provided to enable Kensa to offer house builders, housing associations and non-domestic customers Kensa’s ‘Networked Heat Pumps’ solution at a lower cost. This effectively creates a new renewable asset class, kick-starting growth towards a sector that could exceed £1bn by 2030.
Dipesh Santilale, CMS Corporate partner said: “We are pleased to have worked closely with the Legal & General Capital team on such an important transaction. This investment will facilitate Kensa’s rollout of Networked Heat Pumps, which will play a significant role in the transition to low carbon heating in the UK and effectively establish a new renewable energy asset class, consistent with Legal & General Capital’s purpose to invest society’s capital for society’s benefit.”
The CMS team was led by Dipesh Santilale with support from Charles Currier, Corinna Lee, Michael Carroll and Miriam Mebarek (Corporate); James Snape, James Thomas and Tom Ballard (EPC); Tim Williams (Real Estate); and Jacqueline Vallat and Sebastian Casselbrant-Multala (Competition).
