Solar analyst Josh Cornes, from Solar Media Market Research, describes the increase in the British Solar M&A market and some developers drives to sell projects in the run -up to Gate 2 offers.
With the deadline for gate 2 applications under the reformed grid connections process that is rapidly approaching, developers hurry to submit their projects. Applications have risen over the past 10 months, with more than 175 projects (15GWP) that are submitted to their relevant local authorities or to the government.
This enormous activity has created opportunities for different business models, with the mergers and acquisitions (mergers and acquisitions) bloom, with more than 2 GW of solar energy -changing hand since the start of the new year, and more than 15 developers selling projects in 2025.
The most striking thing is that developers sell projects that they would usually have built up, where independent power producers (IPPs) have no other choice than to free up capital and resources to build the projects with grid connections they expect to present.
However, because much of this activity is from developers that may not have been expected to sell, the trend that one or two projects will change ownership instead of portfolio sales – with a few exceptions.
Some projects and portfolios get the headlines, such as the sale of the portfolio of Low Carbon to Totaleenergiën, consisting of eight locations of a total of more than 350 MW, detailed hereAnd EDF’s Acquisition of the National Significant Infrastructure Project (NSIP)Gate Burton Solar Farm.
Low Carbon shifted his business strategy from Greenfield Development to becoming an IPP, in the expectation to complete nearly 10 projects in 2025. Although they had a ready-made (RTB) portfolio of more than 1.5 GWP (RTB), the reforms of the grid in acceleration in the coming last lines have in the coming last lines composed.
Due to capacity restrictions that prevent them from developing all these projects at the same time, Low Carbon has sold more than half of this portfolio to attract capital and to release resources.
This is an example of how the reform of the schedule has opened more than one door, whereby developers have to make the decision between building or selling. Some developers just have portfolios too large to handle, so are forced to sell to free resources and attract capital for the rest of their portfolio.
This has created a window for developers who have not been active in the British market before diving into the RTB phase and becoming an established IPP.
The developers who acquire take a bit of a gamble; Do these projects receive gate 2 offers? This uncertainty will have driven the price of the site, with some willing to take that risk. Other companies that want to acquire await until the results have been announced to make their move, but the costs of projects will undoubtedly rise.
As mentioned earlier, a remarkable thing is the number of different developers who sell and the number of developers who acquire, with Enviromena, Uniper and Toteners all standing out for showing intention.
All solar projects mentioned in this article are in RTB phase, with some going into the construction as soon as they change ownership.
Other developers are investigating the possibility of projects at an early stage, with some TEC projects (transmission entry capacity) that change hands, an interesting business model with merging distribution and transmission pots after 2030, so that these developers create many more opportunities.
There has also been activity in the BESS room, where some projects are lured together below, but also on self-containing batteries. An example that this is the Heit portfolio (350 MW), earlier Owned by Harmony Energy that is sold to the foresight. However, these are all operational, built between 2017-2022.
This activity can only be positive for the market, with the number of developers who diversify, this can lead to more sites being built and helping the goals to push Neso for CP30 before CP30.
According to Solar Media’s Market Research Tracking SPVs to check acquisitions, other sites that have changed ownership are not limited to:
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Firsfield Solar Farm, 69MWP: Enray Power bought from Boom Power.
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Rainsbrook Solar Farm, 17.9 MWP: Liberty Global bought from Volalia.
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Rock Farm, 69MWP: Enviromena bought from Anglo Renewables.
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Burton Top Solar Farm, 14MWP: Bought ampyr energy from Infrabee (Infraland & Boultbee Brooks).
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Berryhill Solar Farm, 69.9 MWP: Uniper purchased from West Coast Energy.
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Totmonslow Farm & Amington Hall, 21.5mwp & 44mwp: Uniper purchased from Re Projects Developments Ltd.
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Osberton Solar Farm, 43mwp: Atrato bought from Harmony Energy.
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CEFN Park 15MWP: Atrato bought at Innova Renewables.
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Strathruddie & Montreathmont Solar Farms, 35MWP & 35MWP: Atlantica Sustainable Infrastructure Ltd. Bought at a joint venture between Elmya Energy and Valpre Captial.
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Longpastures Solar Farm, 69.9 MWP: Enviromena bought from Bluefield.
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Hulam & Sheraton Solar Farms, 69MWP & 56MWP: NexTeenery bought from Lightsource BP.
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Dunmow Solar Farm, 7MWP: Thrive Renewable purchased at PS Renewables.
This list simply scratches the surface of the activity on the British market, with other sites and portfolios that are still on the market and go through the acquisition process.
All the above data comes from the analysis of Solar Media Market Research, which is accessiblehere.
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