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Greencoat buying solar portfolio from BlackRock and Lightsource BP
Posted on Friday, 22 May 2020 14:49
Greencoat Capital, via its Greencoat Solar II fund, has signed on the dotted line to pick up the 156.00 MW UK solar portfolio of Lightsource BP Renewable Energy Investments Ltd and BlackRock.
No financial details of the transaction have been disclosed at this time.
As a consequence of the purchase, Greencoat is increasing the capacity of its managed funds to just under 880.00 MW, while BlackRock’s investors will benefit from stable income and attractive capital growth.
Karin Kaiser of the acquiror said the move will give its clients predictable cashflow with inflation protection while contributing to the decarbonisation of the electricity sector in the UK.
The portfolio’s output is slated to displace 65,000 tonnes of emitted carbon dioxide per year while supplying the equivalent of around 45,000 homes.
Following completion, Lightsource BP will continue to be involved through the provision of asset management and operational services.
Greencoat claims to be the UK’s largest sector-focused investor, with around GBP 5.00 billion under management.
The London-headquartered firm was established in 2009 and also has an office in Dublin.
Its activities are separated into four segments, namely: wind, solar, renewables and private equity.
Greencoat Solar owns and operates UK solar PV generation assets and has commitments of close to GBP 1.00 billion.
The largest purchase of a solar electric power generation company to have been announced worldwide during 2020 to date saw Galp Energia agree to pick up a 2.90 GW solar farm from ACS Actividades de Construccion y Servicios for USD 2.44 billion, according to Zephyr, the M&A database published by Bureau van Dijk.
This was followed by X-Elio Energy’s decision to divest its 13 photovoltaic plants in Spain for USD 547.00 million.
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