A commercial property deal with British Gas (Centrica) to deliver a cutting edge solar power generation scheme.
Francesco Ferrari advised L&Q, one of London’s leading social housing providers, on an innovative energy efficiency deal with British Gas to install solar photovoltaic panels on 2,000 L&Q residential 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 significance of the matter:
- At the time, it was the largest residential solar power generation programme in the UK
- L&Q plans 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
- 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
- Timing was important – Francesco anticipated the changes being brought in to Feed-in Tariffs and completed the deal prior to these, to maximise the yield and ROI for the client
- The agreement between L&Q and British Gas offers L&Q a high degree of protection and fluidity to adapt to future needs.
- The structure devised by Francesco removes barriers that have prevented the development of schemes like these by overcoming the need to enter into any complicated agreements to lease roof space to energy generators