O’Melveny Represents Greensphere in Matters Relating to its Selection as a Fund Manager by the UK GovernmentApril 25, 2012
Natalia Dorfman Piper Hall
O’Melveny & Myers LLP O'Melveny & Myers LLP
+44 (0) 20 7558 4888 +1 202 220 5022
LONDON, UK─APRIL 25, 2012─O’Melveny & Myers LLP represented Greensphere Capital LLP in matters relating to its selection as a fund manager by the UK Government. O’Melveny’s London-based team was led by partner Solomon Wifa.
“O’Melveny’s involvement was critical in getting Greensphere through the legal process with the UK Government," said Divya Seshamani, Managing Partner at Greensphere Capital. "In areas where discussion led both parties into new territories, O’Melveny’s depth and breadth of experience was extremely helpful in guiding the process onto stable ground.”
This is the latest in the extensive range of green and renewable energy funds that O’Melveny has advised on. In the last 12 months, O’Melveny has closed renewable energy funds for long-standing client Impax Asset Management and for Turkish-based fund manager Crescent Capital, which was one of Turkey’s first clean energy funds. We have advised on many other renewable energy funds in the past, including for clients TCW and Climate Change Capital.
About O’Melveny & Myers LLP
With approximately 800 lawyers in 15 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com
The following press release was distributed by Greensphere Capital LLP:
Greensphere Capital LLP (Greensphere) is pleased to announce that it has been chosen as a fund manager by the UK Government. The move represents a landmark first investment in green infrastructure whereby the UK Government is investing directly, on fully commercial terms, ahead of obtaining state aid approval for the UK Green investment Bank (GIB).
After an extensive process to which 23 managers applied, Greensphere was selected as one of two specialist fund managers. An initial £80 million has been committed to the managers for investments in the small scale waste infrastructure sector. All Government investments made by the fund managers will be match-funded, leveraging in at least £80 million more into the projects.
Greensphere will be responsible for generating and managing investments in areas such as waste recycling and reprocessing facilities, pre-treatment projects and energy-from-waste projects. Greensphere’s primary investment strategy is investing in improving efficiency and upgrading infrastructure assets in sectors such as distributed power, waste, transportation and logistics, energy mid-stream (transportation, distribution and storage of energy) and water.
Jon Moulton, Chairman of Greensphere Capital, commented “The mandate from the UK Government represents a significant win for Greensphere. It represents a vote of confidence in Greensphere’s team which is extremely pleasing to see.”
Divya Seshamani, Managing Partner of Greensphere Capital sees the relationship with the UK Green Investments (UKGI) as significant for the sector. She said: “We are excited about the opportunity to work with the Government on leveraging capital into the UK green infrastructure sector. Large, high-quality institutional investors look to invest through institutional-grade fund teams. Greensphere Capital has built a blue-chip team with a keen focus on creating value for these investors.”
Commenting on Greensphere’s investment strategy, Vince Julier, Partner of Greensphere Capital said: “A key capability that Greensphere brings is the ability to partner with industry leading specialist developers in each of the sectors we focus on. In the waste sector, we enlisted the support of the Environmental Infrastructure Development Company (EIDC).” Julier believes this strength allows Greensphere to access proprietary deal pipeline in sectors where many propositions are not “investible”.
The mandate with the UK Government exemplifies Greensphere’s innovative strategy of working with a few large, high-quality investors on a bespoke basis rather than a traditional private equity fund structure which Greensphere sees as outmoded for the infrastructure sector.