Innova and Schroders Greencoat JV acquires Newbold Pacey solar park
Published by Jessica Casey,
Editor
Energy Global,
ISG Renewables, a joint venture (JV) platform between Innova Renewables Ltd and Greencoat UK Solar, a fund managed by Schroders Greencoat LLP, has acquired Newbold Pacey solar farm, a 28.7 MWp solar farm located near Wellesbourne, Warwickshire, from Innova’s existing pipeline.
Newbold Pacey (previously known as Elms Farm solar park) is planned to energise later this year, with its development and construction being managed by Innova. Once energised, the site will produce enough energy to power 10 616 homes, whilst saving 11 466 tpy of carbon dioxide. The site design also incorporates a be-spoke biodiversity strategy, with new and existing habitats being created or enhanced to benefit local wildlife and native species.
This is the third acquisition made by ISG, the first being Carn Nicholas solar park, a 10 MWp solar farm in Wales in April 2023, and the second being Bicker Fen (previously known as Manor Farm solar park), a 22.6 MWp solar farm in Lincolnshire, which was acquired in September 2023 and energised in March 2024.
Hassan Bashir, Investment Manager at Innova, said: “We are delighted to announce the sale of our third project into our joint venture, ISG Renewables, with Schroders Greencoat. The acquisition of Newbold Pacey continues to strengthen and deepen our strategic partnership and contributes significantly towards our shared goal to support the UK’s journey to net zero.
“On behalf of Innova, I would like to thank our legal advisers at TLT LLP and Morgan LaRoche for their support throughout the sales process.”
Matt Tingle, Investment Director at Schroders Greencoat, added: “The acquisition of 27.8 MWp Newbold Pacey solar farm build on our JV ambitions with Innova to realise their development pipeline of newbuild solar projects across the UK. We look forward to seeing the site deliver reliable power generation to the local grid, which in turn delivers reliable cashflows for investors. We look forward to continuing to invest in such projects with Innova for the benefit of UK energy security and net-zero commitments.”
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Read the article online at: https://www.energyglobal.com/solar/13052024/innova-and-schroders-greencoat-jv-acquires-newbold-pacey-solar-park/?yptr=yahoo
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