Shoosmiths aids Workspace Group’s net zero transition with solar power agreement
December, 2023 - Milton Keynes, England
Shoosmiths has advised Workspace Group on entering into a Corporate Power Purchase Agreement (CPPA) with Statkraft, Europe’s largest generator of renewable energy.
The law firm’s energy and infrastructure specialists advised on the agreement that sees Workspace secure around two thirds of its expected electricity demand for the next 10 years.
Coming into effect from 1 February 2024, the CPPA will enable the owner and operator of sustainable flexible work space to acquire the electricity generated by a newly constructed solar plant in Devon - accelerating Workspace’s transition to being net zero carbon by 2030.
Shoosmiths advised from the heads of terms stage through to the finalisation of the CPPA, including negotiations with the electricity supplier. Leading the deal team was commercial partner James Wood-Robertson, with assistance from principal associate James Haikney.
James Wood-Robertson, commercial partner and energy and infrastructure sector head at Shoosmiths, said:
“This PPA is a major milestone for Workspace as it decarbonises its 5m sq ft real estate footprint and meets its energy demands with renewable sources, while also helping its customers, as they aim to reduce emissions and use renewable energy.
“The agreement also showcases the holistic, full service legal support Shoosmiths is able to provide to clients, with the PPA complementing the work being undertaken by our real estate team in advising Workspace on managing its property portfolio. We’re proud to have played a role in facilitating Workspace's transition to a more sustainable and resilient future."
Sonal Jain, head of sustainability at Workspace Group, added:
“This power purchase agreement marks a significant step towards Workspace’s net zero carbon commitment. By procuring energy from a new asset, we are also enabling additional renewable capacity on the grid and this is by far the most responsible way for businesses to secure a substantial share of clean, green electricity.
“Shoosmiths provided high quality, pragmatic advice and assistance on the transaction, with its prior experience advising on corporate PPAs proving invaluable.”
