BBIP chooses solar for first investment

The fund management business of international developer Balfour Beatty has completed the first deal from its debut fund, which had raised £200m by January.

Balfour Beatty Investment Partners (BBIP), the fund management business of developer Balfour Beatty, has acquired a number of operational UK solar projects from Anesco, the UK-based renewable energy developer. 
The solar parks, which have a total capacity of 20 megawatts (MW), were developed and built by Anesco, which will be responsible for their long-term operation and maintenance. 
“This is a significant milestone for BBIP,” said the firm’s managing partner Rob Gregor in a statement. “Following first close of the BBIP Fund in January we have successfully secured its first investment in an operational core infrastructure asset from a relationship developed on a bilateral basis with Anesco.” 
He added: “We look forward to continuing to work with Anesco on future assets as the BBIP Fund seeks to add scale to this platform over 2013 and beyond.”      
The deal represents the first investment made by BBIP’s debut fund, which announced a first closing on £200 million (€235 million; $304 million) in January this year. Balfour Beatty had committed £70 million to the closing, but – following expected further closes this year – is ultimately seeking to reduce its share in the fund to around 10 percent of the total. 
The fund is seeking to invest in mainly brownfield, operational assets in the energy, transport and utility sectors across the UK, mainland Europe and North America.