Lux Nova are proud to have advised the seller group on the sale of a majority stake in Rendesco Limited (“Rendesco”), the UK-based developer, owner and operator of low-carbon heat networks, to Pioneer Point Partners.
Pioneer Point Partners LLP (“Pioneer”), the sustainable infrastructure investment firm, has committed up to £100 million to scale Rendesco’s business, with the commitment structured to facilitate up to £500 million of capital expenditure across Rendesco's UK heat network infrastructure.
Rendesco is a leading UK heat network developer and operator specialising in ground source heat pump (GSHP) solutions for new-build residential developments. The company partners with national and regional housebuilders to deliver low-carbon heating solutions for its customers.
Our team advised all sellers in respect of the sale of a majority stake in Rendesco to Pioneer, including preparation of the entire suite of transaction documentation, the negotiation of the share purchase documentation, the unwinding of the existing shareholder and MIP arrangements, and the new investment by Pioneer Point in Rendesco.
Legal Team:
The Lux Nova consisted of Nikola Zahariev, Liz Vago and Aun Ali Raza. Pioneer Point was advised on the transaction by Gowling WLG.
Quotes:
Alastair Murray, CEO and Founder of Rendesco, said: “The UK is experiencing the biggest change to how we heat our homes in a generation, and this is vital to protect homeowners from energy price volatility and end our reliance on foreign energy sources. Rendesco’s smart heat pump-led networks are the best solution for new build homes, and our retrofit solution can now deliver the same quality of service into the millions of existing homes that need to move off gas. Pioneer Point Partners brings a deep understanding of sustainable infrastructure and the conviction to back it at scale. It’s a vote of confidence in our team and our solution, and it gives us the firepower to serve many more homes as the Future Homes Standard reshapes the market.”
