Energy, mining and renewables M&A tax | Transaction services

Acquisition of Innova Energy Ltd by Alpha Real Capital on behalf of Elm Trading

26 January 2017

Alpha Real Capital acquires 60 MW solar portfolio on behalf of Elm Trading

Moore Kingston Smith has supported Alpha Real Capital as adviser to Elm Trading with the corporate acquisition of Innova Energy Ltd, a multi-asset operating portfolio previously managed by Innova Capital. The addition of the 61.5MW portfolio takes annual low carbon generation to circa 540 GWh, equivalent to powering 186,000 homes.

Elm Trading is a UK-based investor with a vast portfolio of property lending, renewable energy, self-storage and commercial forestry businesses. A long-standing client of Moore Kingston Smith, we have advised Elm Trading on 20 successful acquisitions to date.

Matt Meadows and Kat Stone from our corporate finance team and Mark Fielden and Tom Acland from our M&A tax team provided financial and taxation due diligence and advisory services. Our analysis included a review of revenue generated from government-backed schemes, including ROCs and FiT; net current assets; identification and quantification of the tax attributes of the target; and the availability of tax attributes with a focus on plant accumulated capital allowances. Both teams also assisted in the review of the financial and tax warranties in the sale and purchase agreement.

Matt Meadows, Corporate Finance Partner at Moore Kingston Smith, said: “It has been a pleasure to work with the Alpha team on yet another successful transaction to enhance their portfolio. They have demonstrated once again that when a deal has been agreed, they work tirelessly to ensure a successful completion, and we are delighted to be part of the team that makes it happen.”

If you are considering making an acquisition and need assistance, please contact us.