Acquisition of 50% of AGR-Trina BF Holdco Limited by Trina Solar UK Investments Limited
Updated 13 December 2024
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1. Following a detailed national security assessment, the Chancellor of the Duchy of Lancaster has made a Final Order pursuant to section 26 of the National Security and Investment Act 2021 (“the Act”), which comes into force on 10 October 2024.
2. The Parties who are subject to the order are:
i. AGR-Trina BF Holdco Limited;
ii. Trina Solar UK Investments Limited;
iii. AGR Power Limited; and
iv. Any Power Offtaker appointed in relation to the Bicker Fen battery storage facility.
3. Trina Solar UK Investments Limited will gain control of the qualifying entity by acquiring 50% of AGR-Trina BF Holdco Limited and its UK subsidiary, AGR Solar 2 Limited. This Acquisition is a trigger event under section 8(2)(a) of the Act.
4. The Chancellor of the Duchy of Lancaster has approved the acquisition of AGR-Trina BF Holdco Limited and its UK subsidiary, AGR Solar 2 Limited, subject to the following conditions:
i. The management of power offtake and ancillary service provision to the Electricity System Operator is restricted to operators nominated by the owner of the facility and approved by the Chancellor of the Duchy of Lancaster;
ii. Information shared by the operator of the site with the owner is restricted to a list of permitted information.
5. The Chancellor of the Duchy of Lancaster considers that these measures mitigate any risks to national security relating to:
i. The security of an important United Kingdom future electricity asset; and
ii. Preventing disruption of services provided to the Electricity System Operator.
6. The Chancellor of the Duchy of Lancaster considers that the Final Order is necessary and proportionate to mitigate the risk to national security.