Global law firm Norton Rose Fulbright has advised Nestlé UK & Ireland in relation to its long term agreement with Community Wind Power to purchase all of the power from a new windfarm being developed in Scotland. The wind farm will commence operation in the first half of 2017 and initially cover half of the energy demand of Nestlé’s UK and Ireland operations. The wind farm reached financial close last week.
Norton Rose Fulbright advised Nestlé on the deal from inception through to close. It was a significant and innovative transaction for the company, taking it a major step forward on its RE100 target.
The Norton Rose Fulbright team advising Nestlé was led by Andrew Hedges and Suncica Miletic in London, who have significant experience in direct corporate power deals, they also managed negotiations with Community Wind Power, its lenders and Nestlé’s electricity supplier. The agreement and its terms were critical to enabling the wind farm to reach financial close during a period of uncertainty in UK renewable policy for onshore wind.
Simon Currie, global head of energy, Norton Rose Fulbright commented:
“Corporate procurement of renewable energy generation is accelerating rapidly. Nestlé is one of the first movers in the global food and beverage sector. The next step is to take the lessons learned in the US and the UK and make inroads into regions such as Latin America, Africa and APAC.”
Norton Rose Fulbright has been advising in the sector for a number of years and has been involved in UK corporate power purchase agreements (PPAs) amounting over 345MW, which is over half of the total 687 MW of corporate PPAs completed in the UK, as recorded by Bloomberg New Energy Finance.
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