Renewables Infrastructure buys two UK solar parks

27th Mar 2014 13:38

Renewables Infrastructure Group has acquired two additional UK solar parks, one in Devon and the other in Essex, following a placing and open offer earlier this month. The company has invested in two large-scale ground-mounted solar photovoltaic (PV) generating projects, for a maximum investment consideration of around £37m, which is subject to certain value protections and subject to a minimum price of approximately £34.5m. The investments are without project-level debt, although debt may be introduced in the future to optimise the capital structure, the firm explained. Richard Crawford from InfraRed Capital Partners, Renewable's Investment Manager, said: "These two large solar projects nearly double the generating capacity of Renewable's solar PV portfolio in the UK and France to approximately 62 megawatt, providing further balance and diversification to the Renewable portfolio."The group has acquired a 100% stake in Tamar Heights Solar Park in Devon, which was been recently connected to the grid with a generating capacity of approximately 11.8 megawatt. Its stake in the Stour Fields Solar Park, located near Colchester in Essex, stands at 50%, with the remainder to be acquired in May. The site is expected to be connected shortly with a generating capacity of approximately 18.7 megawatt. The consideration sum refers to the full 100% interest.NR