Upcoming Events :
Housing Seminar: Partnerships with the Public Sector – Avoiding the pitfalls
Thu 31 May 2012
Minerva House, 5 Montague Close, London, SE1 9BB
Winckworth Sherwood delivers first significant social housing solar power generation scheme
Fri 17 Jun 2011
Law firm Winckworth Sherwood has acted for L&Q, one of London's leading social housing providers, structuring an innovative energy efficiency measure to install solar photovoltaic panels on 2,000 L&Q properties. The scheme will enable L&Q to benefit from the Government's Feed-in Tariff and from selling surplus energy back into the national grid.
The scheme is the largest solar power generation programme developed by a registered provider in the UK and will see L&Q work in partnership with British Gas, who will install the solar panels. L&Q aims to reduce its carbon emissions by some 3,000 tonnes a year over the 25 year lifetime of the solar panels, and make significant cost savings which it will reinvest in its properties. Surveys of suitable properties are underway and the first solar panels are already being installed
Winckworth Sherwood Partner Francesco Ferrari, who led the project acting for L&Q, said: "This is a significant transaction for L&Q and for registered providers across the UK. This energy generation model is interesting as it will not only help L&Q reduce its carbon footprint, but generate additional revenues and reduce energy bills for its tenants. Registered providers across the UK are watching this project closely.
The investment has been financed entirely by L&Q enabling it to benefit from the Feed-in Tariff and sell any surplus energy back into the national grid. The agreement between L&Q and British Gas offers L&Q a high degree of protection.
Francesco adds: "This approach has simplified the transaction considerably as L&Q has not had to enter into any complicated agreements to lease roof space to energy generators. Registered providers who have access to funds will find this approach very attractive."
Robin Feeley, Head of Sustainable Development at L&Q said: "Investing in solar technology is just one way in which we're committing to improving our energy efficiency as well as drive funds for reinvestment into the housing and services we provide. The installation process is now underway and we hope our residents recognise the great contribution that this work will have on making L&Q homes, and the wider community, a greener and more sustainable place to live."
Francesco Ferrari was supported by Partner Richard Tinham, Solicitor Jonathan Baldwin and Trainee Solicitor Anna-Laura Kinross.
