Innova sells UK solar rooftop bundle to Octopus Renewables
Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.
Innova Energy, part of UK renewables and property-focused private equity company Innova Group, said this week it has sold its commercial rooftop solar portfolio.
The portfolio, consisting of 57 rooftop-mounted photovoltaic (PV) sites in the UK, was divested to an investment vehicle managed by UK renewables investor Octopus Renewables, which is part of the Octopus Energy Group, after a competitive sale process.
All of the assets in the portfolio receive feed-in-tariff (FiT) subsidy revenues.
Financial details were not provided.
According to an announcement by TLT, one of Innova’s advisers on the sale, the size of the portfolio is 3.7 MW. It is part of 65 MW of UK ground-mounted and rooftop solar assets that Innova has amassed over the last four years. Innova is now looking for “an attractive exit for its investors.”
Peter Dias, investment director at Octopus Renewables, said that the assets offer an attractive cash flow profile and that the company plans to continue its expansion in this sector.