International law firm Simmons & Simmons has advised NextEnergy Solar Fund (NESF) on the sale of two subsidy-free assets to NextPower Development for a combined total consideration of £11.5m.
The solar is currently under development with a capacity of 115MW, with the transaction completed on 14 May. As the solar is being sold to a NextPower Development subsidiary, it makes the sale a smaller related party transaction, with NESF moving the assets to another business within its wider Group.
The Simmons team was led by real estate partner Caroline Turner-Inskip, supported by senior associates Rhiannon Morgan-Williams and Steph Featherstone, and associate Tom Brown.
NESF is a specialist investment company that invests primarily in operating solar power plants in the UK. NESF switched on its first subsidy-free solar development in 2019 - the 5.4MW Hall Farm II - before completing what it celebrated as the UK's largest subsidy-free asset, the 50MWp Staughton site.
