Geldards Advises Street Energy on Solar Project

Law firm Geldards’ has advised Street Energy Limited on a scheme for the installation of free solar panels on residential homes.

Under the scheme, Street Energy will install approximately 550 free photovoltaic solar panel systems on the homes of domestic customers throughout the Midlands region. Homeowner’s will be able to use free electricity generated by the solar panels. Excess energy will be exported to the national grid and the organisation will benefit under the Government’s FIT Scheme.

This project is a longstanding aim of Nigel Street, the managing director of Street Energy Limited. Nigel said: “Completion of this free solar funding package is a major milestone for Street Energy and will enable us to fully participate in the rapidly developing UK solar PV market. Geldards provided a comprehensive range of advice that enabled us to complete the complex financing and commercial documentation in a timely manner”.

Santander UK plc provided funding for the purchase and installation of the solar panel systems. Howard Whitehead, Head of Renewable Energy at Santander UK said: “We are pleased to be working with Street Energy on this project to provide free solar PV systems in the Midlands region. Street Energy has a long track record in the energy saving sector and we look forward to a successful roll-out of this programme”.

Geldards’ associate, Chris Faulkner led the deal, advising Street Energy on a round of equity fundraising and also on the Santander UK plc loan. Geldards’ partner, David Watson advised on the property issues. Commercial contracts advice was provided by Geldards' partner, Ian Thomson.

Chris Faulkner said: "We're absolutely delighted that this scheme has come to fruition for Street Energy. This marks the beginning of an exciting time for Street Energy and we hope to play a part in Street Energy's growth and other renewable energy projects in the future."