Greencoat Solar adds 75MW to second fund

The seven acquired projects include the largest solar park in Northern Ireland, generating 45MW. They were bought from German developer BayWa and became operational earlier this year.

Greencoat Capital’s second solar fund has bought a seven-strong portfolio with a combined capacity of 75MW.

Six of the solar farms are spread across England and Wales, totalling 30MW, while the seventh, the 45MW Bann Road project, is Northern Ireland’s largest solar site.

All seven assets were acquired from German developer BayWa and became operational earlier this year. The solar farms based in England and Wales have qualified for 1.2 Renewables Obligation Certificates under the country’s subsidy regime. The larger project in Northern Ireland operates under a separate regime and will receive 1.4 ROCs. Bann Road also has a 15-year power purchase agreement in place with Northern Irish utility SSE Airtricity.

The deal represents a significant ramp-up for Greencoat Solar II, which reached a £262 million ($351 million; €296.3 million) first close in September. Its only previous deal was the acquisition of two projects with a combined capacity of about 10MW in August. The fund is backed by ITV Pension Scheme, the Akzo Nobel Pension Scheme, Northern Trust Nominees (Ireland), C & J Clark Pension Fund and Marks & Spencer Pension Trust, according to filings with Companies House.

The vehicle is a successor to Greencoat Solar I which had invested over £260 million in a portfolio of 21 solar farms, as at August 2017. Greencoat said in September it was “substantially invested”.