Renewable energy investment company Schroders Greencoat has acquired the 49.9 MW Tiln Farm solar project from Lightsource bp, which today announced its completion.
Located in Nottinghamshire, the project is Lightsource bp’s largest completed solar project to date. Following the sale, Lightsource bp will continue to provide asset management, operation and maintenance of the site.
A long-term power purchase agreement (PPA) was agreed for the 2022 development, with building product manufacturer Forterra now receiving energy from the site. According to Schroders Greencoat, the energy generated at the site will supply Forterra’s operations with approximately 70% of the electricity needs at its 17 sites, as part of a 15-year agreement.
The project also features co-located energy storage, with a 25 MW/50 MWh two-hour Battery Energy Storage System (BESS) also operational on site.
Declan Keiley, head of business development for Britain and Ireland at Lightsource bp, said: “We are proud to have completed our first joint energy storage project and the largest solar project to date in the UK. The Tiln Farm project is in many ways a milestone for the company, and the continued partnership with Schroders Greencoat, as the new owner of the project, underlines Lightsource bp’s strong reputation as a trusted development partner.”
Matt Tingle, investment director at Schroders Greencoat, said: “We are proud to continue to lead the way in sustainable infrastructure with this investment. Co-located assets such as these play an important role in balancing intermittent renewable energy generation, and providing vital services for grid stability. Sharing the same grid connection also helps to optimize increasingly scarce grid capacity as Britain moves to net zero.
“As the largest operator of ground-mounted solar farm operations in Britain, with approximately 1.9 GWp of solar assets under our management, this acquisition adds to our diverse UK portfolio. It will play an important role in achieving our investment objectives and help provide our investors with long-term inflation-linked cash flows.”
Schroders on the rise
Schroders Greencoat and its associated companies have made many important acquisitions in recent months.
In July, the company acquired a 110MW UK solar portfolio from Metlen Energy and Metals, comprising three operational projects across the UK.
Earlier this month, Greencoat Renewables and Schroders Greencoat purchased the 80.5 MWp South Meath Solar Farm from Statkraft. When the deal was first proposed in 2022, it marked Greencoat’s first solar acquisition in Ireland.
