London-based renewable energy investment firm Low Carbon has formed a partnership with Macquarie Capital to deliver a portfolio of solar projects in the UK that will generate up to 300 megawatts (MW).
The two firms will commit the funding required to construct the projects, which could power up to 100,000 homes per year. The projects will be “well developed” and “investment ready” according to a statement.
The first phase of the partnership involves an investment of up to £29 million (€35 million; $47 million) to fund the construction of two ground-mounted photovoltaic projects in Cornwall and one in Wales. The first phase comprises 25.7MW.
Mark Dooley, head of development capital at Macquarie, said the collaboration with Low Carbon showed the firm’s “ongoing commitment…to finance power and renewable energy businesses in Europe”.
Low Carbon invests in renewable energy developers and projects across a number of renewable technologies including wind, solar and anaerobic digestion. It currently has a portfolio of solar assets generating 160MW which are in construction and operation.
Macquarie Capital is the advisory and capital raising services arm of Macquarie Group, the Australian finance giant with £222 billion of assets under management at the end of September this year.