Schroders Greencoat Acquires UK Solar and Storage Plant from Lightsource bp

UK renewables investment manager Schroders Greencoat LLP has acquired Tiln Farm, a 49.9MW AC solar plant with energy storage in England, from Lightsource bp, the companies said in a joint press release on Wednesday.

The acquisition was closed just after Lightsource bp finalised the construction of the project and powered up the facilities.

The global solar power specialist built Tiln Farm at a site near Retford in Nottinghamshire. The solar farm is co-located with a battery of 25 MW/50 MWh, which is also operational, the announcement said.

The project was supported by a 15-year power purchase agreement (PPA) with UK building materials manufacturer Forterra plc The output from Tiln Farm will provide around 70% of Forterra’s electricity needs.

Following the sale, Lightsource bp will stay with the project to provide asset management and operations and maintenance (O&M) services via its in-house O&M team, the companies said.

“We’re proud to have completed our first co-located energy storage project and largest solar project in the UK to date,” said Declan Keiley, Head of Business Development for the UK and Ireland at Lightsource bp. “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”.

“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,” added Matt Tingle, Investment Director at Schroders Greencoat.