PKF Francis Clark finds new owner for flexible generation portfolio

PKF Francis Clark has advised on the sale of nine companies operating gas peaking projects across England.

The flexible generation assets have been acquired by Conrad Energy from funds managed by Triple Point Investment Management LLP.

The nine gas peaking plants are located in the North West, South East and the Midlands, with a combined capacity of 65.5MW. Peaking power plants are used to meet the UK’s power supply needs at times of peak demand when weather conditions reduce wind and solar output.

Triple Point was advised throughout the sale process by a team of energy and infrastructure specialists at PKF Francis Clark, comprising Bob Meier, Victoria Smith and Andrew Killick.

The PKF Francis Clark team were instrumental in advising the sale of the portfolio of flexible energy generation assets.

Bob Meier, corporate finance director, said: “We’re pleased to have advised Triple Point on the successful disposal of this portfolio of energy generation assets. This was a complex transaction, due to the number of companies, government policy and recent volatility in the energy markets.

“Using our extensive experience of the sector, we were able to identify potential buyers and conduct a targeted marketing campaign, culminating in a competitive bidding process and the sale of all nine assets to a single buyer in Conrad Energy.

“The current focus on the UK’s ability to keep the lights on this winter has highlighted the importance of flexible generation assets like these as part of our energy mix during the transition to net zero, due to their ability to help smooth the inevitable peaks and troughs in power production as we move to renewable sources of energy.”

Jonathan Parr, partner and head of energy at Triple Point, said: “The PKF Francis Clark team were instrumental in advising the sale of the portfolio of flexible energy generation assets. We are pleased to have found an acquirer of the assets in Conrad Energy, who are well placed to help improve the security of the UK energy system as the nation accelerates the shift towards a resilient renewable energy system.”

Legal advice to Triple Point was provided by Shoosmiths LLP.

PKF Francis Clark also advised Triple Point Investment Management LLP on the sale of a tenth, 21MW gas peaking asset to a separate party.

Find out more about PKF Francis Clark’s renewable energy corporate finance specialists.