January 11 (Renewables Now) - Hamburg-based private equity group CEE on Thursday announced the sale of its British solar park portfolio, totalling 60.4 MW, to a fund managed by renewable energy investor Greencoat Capital LLP.
The portfolio consists of three photovoltaic (PV) assets -- the Bicester, Aston Clinton and Homestead parks, which CEE previously bought from German developer BayWa AG (ETR:BYW6). The private equity firm’s CEO, Detlef Schreiber, said the divestment is in line with the company's strategy to focus on its core business activities at home and in France and expand into new markets on the European mainland.
Following the sale, CEE will continue to be responsible for the plants' asset management on behalf of Greencoat Solar Assets II, which now has an installed solar portfolio of over 600 MW.
Norton Rose Fulbright advised CEE in the transaction, while Greencoat’s legal advisors were Evergy Engineering and Watson Farley & Williams. Financial terms of the deal were not disclosed.