May 21 (Renewables Now) - UK asset management firm Greencoat Capital LLP today announced an agreement to purchase a solar portfolio with a capacity of 156 MW from BlackRock Real Assets and Lightsource BP.
The projects in the portfolio are largely accredited under the Renewables Obligation Certificates (ROC) scheme, with about 16 years of support remaining on average. The 14.4-MW Charity Farm, included in the portfolio, has a Contract for Difference (CfD). Together the assets save 65,000 tonnes of carbon dioxide (CO2) emissions annually and generate enough power to supply about 45,000 homes.
Greencoat Solar II LP made the investment on behalf of a number of UK pension funds. BlackRock's (NYSE:BLK) Global Renewable Power II Fund held a 90% stake in the portfolio, which it acquired from Lightsource in 2017, while Lightsource owned the remaining 10%. Lightsource, which is backed by BP Plc (LON:BP), will continue to provide asset management and operational services.
The deal brings the solar capacity of funds managed by Greencoat Capital to nearly 880 MW.
"We continue to see a strong opportunity for solar aggregation in the UK, and an active near-term pipeline," Karin Kaiser at Greencoat Capital commented.