A quick reminder that the UK's new National Security and Investment Act 2021 (NSIA) takes full effect today (though NB there's a look-back to deals completed after 12 November 2020)!
#Energy is a "sensitive area", so #renewableenergy deals fall into the NSIA mandatory notification regime IF the qualifying entity (QE) you are acquiring holds a generation licence or exemption, including all technology types capable of electricity #generation or #storage for the purpose of enabling supply OR aggregates electricity (including combining multiple customer loads or generated electricity for sale, purchase or auction in the electricity market of Great Britain) over the following thresholds:
(1) the QE you are acquiring owns or operates a single generating asset (onshore or offshore) with a capacity of 100MW or more; OR
(2) you, your group companies and the QE you are acquiring together have a cumulated generation or aggregation capacity of 1GW or more.
A trap for the unwary here is that limb (2) doesn't contain a de minimis threshold for the QE's assets- which means that a big renewables group on the buy-side will still have to make a mandatory notification, even if the QE itself only owns sub-100MW assets...
(Another is arguably that "Great Britain" includes England, Wales and Scotland- but not Northern Ireland, which forms part of the United Kingdom, but is part of the Integrated Single Electricity Market for Ireland and Northern Ireland.)
Electricity activity refers to the onshore and offshore generation, storage, aggregation, transmission or distribution of electricity across GB (but not Northern Ireland).