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BlackRock eyes solar assets

22nd Feb 18 11:40 am

Here’s why

BlackRock Real Assets, through its Kingfisher partnership with Lightsource BP, have agreed to acquire 13.5MW of solar assets from CTF Solar in a move which further consolidates the secondary UK solar market.   

The £15 million acquisition, through BlackRock’s Renewable Income UK Fund, will see BlackRock acquire three CTF Solar projects in the United Kingdom. These include Wormit Farm in Fife, Scotland (5MW); Stanton under Bardon Farm in Leicestershire, England (3.6MW); and Gretton in Winchcombe, Gloucestershire (4.9MW). All the assets are supported under the Renewable Obligation at a rate of 1.3 ROC/MWh.

As part of the Kingfisher strategic partnership, Lightsource BP will be responsible for the asset management and long-term maintenance of all three solar sites through O&M (Operations and Maintenance) contract agreements. 

Rory O’Connor, Managing Director and Head of Renewable Power for Europe at BlackRock said: “We are delighted to add these three solar project acquisitions to our growing UK solar portfolio. Through our strategic partnership with Lightsource BP, we continue to build out our presence and portfolio of solar projects in the UK.” 

Paul McCartie, Group Chief Investment Officer of Lightsource BP said: “Kingfisher has now established itself as one of the most competitive acquisition platforms in the UK for utility scale solar assets. This latest transaction is a testament of our pricing compatibility and we hope it will encourage further interest from asset owners across the country.”

BlackRock Real Assets has a proven track record in the Renewable Power sector and globally manages more than $4.9 billion of equity assets. This includes investing in more than 40 solar projects in the UK representing approximately 350-megawatt of capacity on behalf of their clients, and continues to see the solar market as an attractive investment opportunity for institutional investors.

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