Schroders Greencoat and Innova Joint Venture Acquires 28.7MWp Solar Project in the UK

13 May 2024: ISG Renewables, a joint venture between Innova Renewables Ltd and Greencoat UK Solar, managed by Schroders Greencoat LLP, has completed the acquisition of the Newbold Pacey solar farm. This solar farm, with a capacity of 28.7 MWp, is situated close to Wellesbourne, Warwickshire. The acquisition was made from Innova's pre-existing pipeline.

The upcoming Newbold Pacey solar park, formerly named Elms Farm, is set to be operational later this year under the management of Innova. Upon completion, the facility is expected to generate sufficient electricity to supply 10,616 households and reduce carbon dioxide emissions by 11,466 tons annually. Additionally, the site's design includes a customised biodiversity plan, aiming to establish or improve habitats to support local wildlife and indigenous species.

ISG has made its third acquisition, following the purchase of the Carn Nicholas solar park, a 10 MWp solar farm in Wales, in April 2023, and the acquisition of the Bicker Fen (formerly Manor Farm solar park), a 22.6 MWp solar farm in Lincolnshire, which was completed in September 2023 and became operational in March 2024.

In a press release published by Innova, 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.”

With a growing portfolio of sustainable energy assets, the company is poised to contribute meaningfully to the UK's transition towards a cleaner and more sustainable future. This bold move not only demonstrates the company’s confidence in the potential of solar energy but also reaffirms its dedication to drive positive environmental impact while delivering value to stakeholders.