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10 Nov 2011 14:24
Eversheds raises the roof for Anesco
International law firm Eversheds has advised leading energy solutions company Anesco Southwest, on a pioneering contract with Westcountry Housing Association for the retrofit of around 1,400 PV panels on social housing in the south west of England.
The agreement is the first "rent a roof" deal of its kind to be entered into by a Registered Provider with a third party with the consent of existing mortgagees to the social housing stock.
The deal took almost a year to resolve due to the lengthy procurement process and complex arrangements which needed to be resolved with the Housing Association’s lenders to ensure that their valuations are not adversely affected. The Eversheds team was led by partner Brendan Walsh assisted by partners Rob McNabb, Mark Wood, Mitch Brown and David Jervis.
Brendan commented:
“This pioneering deal represents a very difficult balancing act between the requirements of the banks as lenders to the Housing Association and the requirements of funders seeking to invest in the sector and to achieve greater security. The rug has effectively been pulled from under the feet of both social landlords and solar providers due to the speed of the tariff review which effectively prevents these complex deals moving forward. It is a testament to the dedication of all involved that this deal has completed.”
Adrian Pike, CEO at Anesco added:
“This is a ground breaking deal will enable hundreds of lower income tenants in Devon to dramatically reduce their fuel bills. As our legal adviser, Eversheds provided a strategic and timely service in enabling this complex deal to complete against the backdrop of the recent government announcement to cut feed in tariffs by 12th December 2011.”
Notes to Editors:
Robert Beiley of Trowers and Hamlins advised Westcountry Housing Association Limited and Ruth Snell, Chris Dravel of Addleshaws, Angela Shepherd of Clifford Chance and Sarah Duval of Trowers advised the consortium of the Association’s mortgagees.
Anesco is a national company dedicated to helping homeowners, local authorities and businesses reduce carbon emissions. Anesco provides companies with a comprehensive energy service from audits through to recommendations, installations and capital funding plans.
The Anesco model examines current energy usage, before calculating the financial savings that could be made through the implementation of a range of key energy efficiency measures, including renewable technologies, insulation, voltage optimisation and home controls. The expert team can provide everything from tailored solutions to micro generation design, installation and maintenance.
For further information call 0845 8944444 or email: info@anesco.co.uk. For media information contact Amy at Leepeckgroup on 023 8063 2211, email amy@leepeckgroup.com
For more information contact:
Eversheds LLP
Eversheds LLP and its world wide offices have over 4,500 people who provide services to the private and public sector business and finance community. Access to all these services is provided through 45 international offices in 28 jurisdictions. Eversheds combines local market knowledge and access with the specialisms, resources and international capability of one of the world's largest law firms.
www.eversheds.com
