Renewable energy investment firm Schroders Greencoat acquired the 49.9MW Tiln Farm solar project from Lightsource bp, which today announced its completion.
Located in Nottinghamshire, the development is Lightsource bp’s largest completed solar project to date. Following the sale, Lightsource bp will continue to provide asset management and operations and maintenance services for the site.
A long-term power purchase agreement (PPA) was agreed for the development in 2022, with building product manufacturer Forterra now receiving energy from the site. According to Schroders Greencoat, the energy generated from the site will provide Forterra’s operations with around 70% of its electricity needs across its 17 sites, as part of a 15-year deal.
The project also features co-located energy storage, with a 25MW/50MWh, two-hour duration battery energy storage system (BESS) also operational onsite.
Declan Keiley, head of business development for the UK and Ireland at Lightsource bp, said: “We’re proud to have completed our first co-located energy storage project and largest solar project in the UK to date. The Tiln Farm project is a milestone for the company in many ways, and the ongoing partnership with Schroders Greencoat, as the project’s new owner, underscores Lightsource bp’s strong credentials as a trusted development partner.”
Matt Tingle, investment director at Schroders Greencoat, said: “We’re proud to continue to lead in renewable infrastructure with this investment. Co-located assets like this have an important role to play in balancing intermittent renewable energy generation, as well as delivering vital grid stability services. Sharing the same grid connection also helps to optimise increasingly scarce grid capacity as the UK transitions towards net zero.
“As the largest manager of operating ground-mount solar farms in the UK, with around 1.9 GWp of solar assets under our management, this acquisition adds to our diverse UK portfolio. It will play an important part in meeting our investment objectives, helping to deliver long-term inflation-linked cashflows to our investors.”
Schroders on the rise
Schroders Greencoat and its associated firms have made many significant acquisitions in recent months.
In July, the firm acquired a 110MW UK solar portfolio from Metlen Energy and Metals, comprised of three operational projects spread across the UK.
Earlier this month, Greencoat Renewables and Schroders Greencoat acquired the 80.5MWp South Meath Solar Farm from Statkraft. When the deal was first put forward in 2022, this represented Greencoat’s first solar acquisition in Ireland.
