A series of multi-million pound clean energy deals has earned Bristol-headquartered national law firm TLT a place among the most active legal advisers in the global sector.
TLT is ranked at number three for the volume of its merger and acquisitions (M&A) deals last year and fifth for the number of project and asset finance deals in the report compiled by Clean Energy Pipeline. 
TLT advised on 30 M&A deals valued at $436m (£350m) during 2016, including Rockfire Capital’s acquisition of a Swindon solar project – one of the UK’s largest solar farms -and NTR’s $100m acquisition of the 29MW Twin Rivers wind farm on Humberside.
The firm also advised on 21 project & asset finance deals worth $335m last year.
Clean Energy Pipeline produces annual global league tables that rank the most active investors, law firms, financial advisers and project debt finance arrangers in the global clean energy sector.
TLT head of energy and renewables Maria Connolly said: “These statistics show a buoyant sector providing significant opportunity for investment. There are obviously challenges ahead as we move into a post-subsidy world, but scale and maturity alongside new innovations in areas like energy storage will help to ensure continued activity in 2017.
“Our experience in the first quarter certainly suggests that clean energy remains a strong sector with significant potential.”
TLT partner Kay Hobbs, who specialises in the corporate aspects of renewable energy projects said M&A activity in the sector remained strong for the firm and showed no signs of slowing.
“The funds and yieldcos are still very acquisitive in the secondary market and we have seen a surge in storage M&A activity over the last six months. This is a trend that we expect to continue and to increase,” she said.
The opportunity to secure longer-term, lower-cost funding to replace existing equity/construction funding arrangements had triggered a lot of commissioned site refinancing over the last year, according to TLT partner Gary Roscoe, who advises clients including financial institutions, corporates and investment funds in the sector.
“There has also been continued funding of new projects, including a tail of 1.2 ROC (Renewable Obligations Certificate) ground-mounted solar sites,” he said. The deadline for the 1.2 ROC is March 31.
“These refinancing opportunities and increasing activity around other technologies, such as biomass, look set to continue into 2017 and beyond.”
TLT’s UK energy & renewables team has been active in the sector for more than 20 years, with clients ranging from high-growth entrepreneurial companies to large utilities.
The firm acts for all parties, including developers, banks, equity investors, contractors and suppliers. It has also advised government departments on the implementation and operation of energy efficiency and renewables policy.
Triodos Bank, which has its UK headquarters in Bristol, was the most active lead arranger in the sector by number of project finance deals, according to the Clean Energy Pipeline.
It invested in 70 deals totalling $567m during the year.
