Stibbe Luxembourg assisted Panda Green Energy, formerly known as United Photovoltaics Group, with the Luxembourg aspects of the sale of six UK solar farms, with a combined capacity of about 82.5MW to Greencoat Solar.
Panda Green Energy is a leading eco-development solution provider and part of China Merchants Group, one of the largest Chinese state-owned enterprises. The solar farms had been acquired by the group in 2017 as its first overseas acquisition. This transaction will enable Panda Green Energy to free up capital for operations and allow the company to focus on future investment opportunities.
The buyer, Greencoat Solar, is a platform within Greencoat Capital LLP, a specialist asset manager dedicated to the resource efficiency and renewable energy sectors, with offices in London and Dublin and more than £ 3bn under management, making it one of the largest fund managers of its kind in Europe.
The Stibbe team was led by partner Gérald Origer, who was assisted by Jean-Marc Delcour (counsel), Sabrina Lai Cheong (senior associate), and Nicolas Pradel (associate).