CHALLENGE
Savills was instructed to provide estate management services on behalf of an established developer and operator, Banks Renewables, who was seeking to extend the life of their operational wind farms to further secure the future of their assets.
SOLUTION
In 2021, Savills was awarded a contract to work alongside the Client and their appointed planning consultants to secure all agreements required to extend the operational life of their onshore wind farm portfolio in England. The first phase involved reviewing all existing land agreements to ascertain existing rights and obligations on the Client. Thereafter we devised a strategy on how best to proceed, understanding the existing relationships between the Client and landowners. We drafted Heads of Terms for entering into a reversionary lease agreement, taking into consideration the needs of our Client and inputting our market expertise.
RESULTS
The next phase involved contacting all relevant landowners and holding initial discussions to explain our Client’s intentions and establishing the landowner’s willingness to enter into a reversionary lease agreement. We thereafter negotiated the Heads of Terms. On reaching agreement on terms, solicitors were instructed to commence the legal drafting process to secure the agreements.