Squire Patton Boggs advises Rendesco on JV with Last Mile Infrastructure
Squire Patton Boggs has acted for heat pump specialist Rendesco on its agreement with Last Mile Infrastructure (Last Mile), one of the UK’s largest Independent Network Owners, to form a ground source and water source heat pump infrastructure joint venture, Last Mile Heat Networks (LMHN).
Together they will provide housebuilders across the UK with a sustainable and cleaner energy option for heating properties. LMHN will own and manage the infrastructure, which will be designed and built by Rendesco.
The team advising Rendesco was led by Corporate partner Ben Squires and included senior associate Joshua Crawley, together with Construction partner Julian Scott and associate Daniel Crayford.
Rendesco is an industry leader in the design, installation, operation and maintenance of heat pump infrastructure across the UK, focusing on large scale residential and commercial projects. Founded in 2012, it is one of the largest ground source heat pump installers in the market with 400-plus bespoke heat pumps installed. Rendesco is also the largest owner and operator of ground source heat pump systems in the UK with over 66MW of renewable heating capacity across the country.
Last Mile designs, installs, owns and operates multi utility networks, including gas, electricity, water and wastewater networks as well as smart meters connecting new build properties across the UK. It owns and operates more than 400,000 connections servicing residential and commercial customers, and has a contracted order book of circa 390,000 connections. Last Mile is a portfolio company of Infracapital, the infrastructure equity investment arm of M&G.
Ben Squires says: “I am delighted to have advised Rendesco on this joint venture. Last Mile’s network and customer base, together with Rendesco’s expertise, means that the joint venture is very well placed to capitalise on the sizeable and growing opportunities available in the UK ground source and water source heat pump connections market.”