A 28.7 MWp solar farm being developed near Wellesbourne, Warwickshire, has been acquired by ISG Renewables, a joint venture between Innova Renewables and Greencoat UK Solar.
The Newbold Pacey Solar Farm will be powered later this year with the development and construction of the project managed by Innova. The site will include a bespoke biodiversity strategy, creating or improving new and existing habitats.
The acquisition of the solar park is part of ISG’s ambition to finance, build and operate 5GW of sustainable energy capacity within the next three to five years. The joint venture’s solar and storage pipeline currently includes a capacity of 1.5 GW.
To achieve this, the joint venture has secured several solar farms in the UK. These include a 10 MWp solar farm in Wales, which was energized in April 2023, and Bicker Fen, a 22.6 MWp solar farm in Lincolnshire, which was energized in mid-March 2024.
In 2023, Innova also received planning permission from Nuneaton and Bedworth Borough Council for a 25 MWp solar farm north-east of Coventry.
Hassan Bashir, investment manager at Innova, said: “We are pleased to announce the sale of our third project in our joint venture, ISG Renewables, with Schroders Greencoat. The acquisition of Newbold Pacey continues to strengthen and deepen our strategic partnership and contributes significantly to our shared goal of supporting Britain’s journey to net zero.
“On behalf of Innova, I would like to thank our legal advisors at TLT LLP and Morgan LaRoche for their support during the sales process.”
Innova continues to expand its solar energy portfolio
Solar developer Innova continues to develop utility-scale solar farms in the UK. As previously reported by Solar energy portal In February, Innova received planning permission for three solar projects, amounting to 61.5 MW, in East Suffolk, Essex and Scotland.
The solar projects are Bucklesham Solar Park (25 MW) in East Suffolk, Parkgate Farm Solar Park (22.5 MW) in Essex and Parkhill South Solar Farm (14 MW) in Scotland.
Bucklesham Solar Park was granted planning permission on 28 November 2023. The project will increase biodiversity by 97.9% for habitat units and by 446.31% for hedgerows.
The second solar park to receive planning permission was Parkgate Farm Solar Park on December 15, 2023, following an appeal hearing on December 12.
Innova’s last project to receive planning permission was the Parkhill South Solar Farm, which is located 4.5km north of Arbroath and 1km east of Letham Grange. The project is Innova’s first to be approved in Scotland and will deliver a net biodiversity gain of 89% for habitats and 202% for hedgerows.
Solar Power Portal’s publisher, Solar Media, will host the British Solar Summit on June 4 and 5, 2024 in London. The event will explore Britain’s new utility and rooftop solar landscape, look at the opportunities within a GW+ annual market and much more.
