BBIP boosts UK solar portfolio

McEwan Power, a Balfour Beatty Infrastructure Partners portfolio company, is to add a further seven solar assets, bringing the total to 10.

Balfour Beatty Infrastructure Partners (BBIP), the London-based fund manager, has – through a wholly owned portfolio company – agreed to acquire a further seven operational UK solar parks.

McEwan Power has struck a deal to acquire the assets from UK-based renewable energy developer Anesco and the UK arm of BELECTRIC Group, a solar developer headquartered in Germany.

The deal will bring McEwan Power’s total portfolio to ten operating solar parks throughout the south of the UK with a combined capacity of 71 megawatts (MW).

In March 2013, McEwan Power acquired three UK projects from Anesco.

“We are pleased to deliver on our stated strategy for this investment company of building out a diversified, operating and defensive portfolio asset for the BBIP fund,” said Rob Gregor, BBIP managing partner, in a statement.

The latest deal swiftly follows the announcement towards the end of January that BBIP had acquired Upper Peninsula Power Company, a US power utility owned by energy group Integrys for almost $299 million. The deal was BBIP’s first North American investment.

BBIP was formed in 2011 as a partnership between a team of infrastructure investment professionals and London-based developer Balfour Beatty.

BBIP is currently raising its maiden fund with a target of $1 billion and had total commitments of $469 million as of December 2013. The firm held a first close on $420 million in January 2013, including $110 million from Balfour Beatty and a commitment from California State Teachers' Retirement System.