Bristol-headquartered national law firm TLT has advised the shareholders of long-standing client, solar energy company Innova Energy, on its sale to investor Elm Trading.
The sale to London-based Elm, whose interests include property and forestry as well as renewable energy, concludes a long-term strategy at London and Cheltenham-based Innova Energy to acquire standalone solar farms and optimise their operations. 
Established in 2015 by US-based private equity firm Innova Capital and has since developed and operated innovative green energy hubs while also helping companies and local communities to become environmentally sustainable.
TLT has a long-standing relationship with Innova, having advised it on a number of acquisitions and developments, including the sale of its 3.7MW portfolio of rooftop-mounted solar PV assets last August and the £30m refinancing of its portfolio of UK rooftop and ground-mounted solar PV projects in September 2020.
It also recently helped it acquire a 5MW operating solar plant that powers a Coca-Cola facility in Europe.
TLT provided corporate, commercial, real estate and banking advice on the latest deal, with clean energy partner Nick Shenken leading, supported by corporate partner Antonia Silvestri and the firm’s national clean energy team.
Foot Anstey, the regional law firm with an office in Bristol, carried out vendor due diligence on the deal. Other advisers included accountancy firms EY and PKF Francis Clark, both with bases in Bristol.
Innova Energy director Robin Dummett said: “This deal underlines that investing in renewable energy can deliver for the planet and our society as a whole, as well as shareholders.
“We are grateful once again for TLT’s specialist knowledge and understanding of the renewable energy market, which has helped to make this deal a success for all.”
Nick Shenken, pictured, added: “Innova is an incredibly valued and long-standing client of ours and we have thoroughly enjoyed supporting it on yet another significant transaction.
“Innova’s acquisition and development strategy has resulted in an outstanding return for its shareholders, simultaneously helping to drive decarbonisation in tandem with the UK’s climate ambitions.”
Financial details of the deal have not been disclosed. Following its completion Elm Trading now holds a portfolio of £250m in assets in the UK in sectors spanning property, renewable energy and commercial forestry.
