German investment powers up renewable energy firm’s solar project expansion

September 6, 2019

Wiltshire renewable energy developer Spring has partnered with a German investor to develop subsidiary-free solar projects across the UK.

Chippenham-headquartered Spring was formed last year by three former staff at Good Energy, the long-established green energy pioneer based in the town. 

Spring said it would bring its extensive clean energy development experience to the partnership with investor Altus, having previously delivered hundreds of megawatts of clean energy projects in the UK and around the world.

The joint venture will develop a number of 40-50MWp subsidiary free ground-mounted solar projects.

Spring director Hugo House, pictured, who led the creation of Good Energy’s trailblazing Feed-in Tariff services, said: “Our mission is to enable clean growth and we are passionate about connecting people to sustainable energy and working with landowners and local communities to develop renewable energy solutions. 

“Our joint venture with Altus will allow us to deliver our ambitions more quickly, and we plan to deliver 100MW of new solar PV (photovoltaic) with this deal.

Altus development director Sascha Klos added: “We are pleased to be entering the UK subsidy-free solar market and look forward to developing a significant amount of projects with our partner Spring over the years to come.”

Spring’s management team also includes former Good Energy technical and design manager and chartered engineer Liban Elmi and John Colombi, who has worked with a number of renewable energy consultancies.

Spring was advised on the creation of the joint venture by Bristol-headquartered national law firm TLT.

The TLT team was led by corporate partner Antonia Silvestri and chartered legal executive Nick Rains, who advised on the joint venture agreement and associated articles. Banking partner Gary Roscoe led negotiations of the loan documentation.

Antonia Silvestri, pictured, said: “TLT is proud to play a role in promoting the development of clean energy projects and look forward to further supporting Spring as these developments progress.  

“In a post-subsidy environment, we’re pleased to see partnerships like this emerging, which will help build a sustainable energy future for the UK.”

TLT banking partner Gary Roscoe added: “The clean energy market continues to show significant potential and we are seeing some very interesting developments in the wake of regulatory and subsidy changes.

“The partnership between Spring and Altus demonstrates that subsidy-free solar is becoming not only increasingly viable, but also an attractive investment prospect for EU based investors, despite the uncertainty posed by Brexit.”

Financial details of the joint venture have not been disclosed.


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