International legal practice Osborne Clarke has advised DIF Infrastructure IV ("DIF") on its sale and purchase agreement with SSE PLC ("SSE"). The agreement will see DIF acquire a 100 per cent interest in three UK PFI street lighting projects located in Leeds, Newcastle/ North Tyneside and Stoke on Trent (the “Projects”).

The Projects are availability-based and have been in operation for over five years. The operations and lifecycle will continue to be carried out by an affiliate of SSE under a long-term contract.

DIF is an independent and specialist fund management company, managing funds of approximately €3.3 billion. The company invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3 and renewable energy assets in Europe, North America and Australia.

Each underlying project is expected to complete later in the 2016/17 financial year, following final agreement with the relevant local authorities, the joint venture partner Royal Bank Leasing Limited and Senior Debt funders.

The Osborne Clarke team that advised on the sale and purchase agreement and the restructuring of the projects was led by Partners Matthew Bodfield, Simon Hancock and Andy Normington.

DIF received financial advice from Operis, while technical advice was provided by WSP