Lightsource bp completes sale of its first energy storage project and largest UK solar farm to specialist renewables manager Schroders Greencoat
Lightsource bp, a global leader in the development and operation of solar energy projects, has today announced the completion of its largest UK solar project to date. Completion was followed by the sale of the solar farm and co-located energy storage project to specialist renewable investment manager Schroders Greencoat. Lightsource bp will provide asset management and Operations and Maintenance (O&M) services for the solar project via its in-house O&M team.
The sale of this project forms part of Lightsource bp’s long-term growth strategy and core strength as a global leader in solar development and power marketing. This approach enables the company to continue growing at pace and scale, further expanding its investment profile across a greater number of projects. It also demonstrates Lightsource bp’s commitment to forming long-term partnerships with asset owners, providing O&M and asset management services, demonstrating how renewable energy partnerships between developers, investors and corporations can play a vital role in progressing the energy transition.
Tiln Farm is a 49.9MWac solar project near Retford in Nottinghamshire and, now complete, is providing power to leading building products manufacturer Forterra via a long-term Power Purchase Agreement (PPA). The signing of the PPA with Forterra in 2022 heralded the company taking significant steps to a sustainable future. Tiln Farm solar will provide the Northampton-headquartered brick, block, and concrete producer with around 70 percent of its electricity needs, in a sector-leading investment that will provide renewable energy to Forterra’s 17 sites for 15 years.
Construction on the project began in 2022, on what is the first Lightsource bp project globally to be co-located with energy storage, with a 25MW/50MWh (two-hour duration) battery also now operational onsite.
Declan Keiley, Head of Business Development for the UK and Ireland at Lightsource bp, said: “We’re proud to have completed our first co-located energy storage project and largest solar project in the UK to date. 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.”
Matt Tingle, Investment Director at Schroders Greencoat, said: “We're proud to continue to lead in renewable infrastructure with this investment. Co-located assets like this have an important role to play in balancing intermittent renewable energy generation, as well as delivering vital grid stability services. Sharing the same grid connection also helps to optimise increasingly scarce grid capacity as the UK transitions towards net zero.
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.”
The completion and sale of this project is a significant success for Lightsource bp in the UK, demonstrating its commitment to the market and to meeting the country’s targets for renewables in the energy mix. The company has been active in the UK since 2010 and is responsible for around 20 percent of the developed solar in the country, with a significant pipeline of solar and storage still to come.
Lightsource bp was advised by TLT and JLL throughout the process, and Schroders Greencoat was advised by Norton Rose Fulbright and Everoze.
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For further information from Schroders Greencoat, please contact:
Andy Pearce, Head of Media Relations | +44 20 7658 2203 | |
Rachael Dowers, PR Manager | +44 20 7658 2086 | |
Justine Crestois, PR Executive | +44 20 7658 5186 |
About Schroders Greencoat
Schroders Greencoat LLP, formerly Greencoat Capital LLP, is a specialist manager dedicated to the renewable and energy transition infrastructure sector. With teams in London, Dublin, Frankfurt, Copenhagen, and Madrid, as well as in New York and Chicago, and around £9.3 billion under management*, Schroders Greencoat is one of the largest dedicated managers in Europe. It was founded in 2009 and currently has fund mandates with strategies investing into wind, solar, bioenergy and energy transition in the UK, Europe and the United States. In total, Schroders Greencoat manages over 379 renewable infrastructure assets with an aggregate net generation capacity of over 6.5 GW*.
For more information, please visit https://www.schrodersgreencoat.com.
* As of 30 June 2024.
Schroders Capital
Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customised private market strategies. Its team focuses on targeting best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates.
The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity.
With $93.7 billion (£73.5 billion; €84.8 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).
*Assets under management as at 31 December 2023 (including non-fee earning dry powder and in-house cross holdings)
Schroders plc
Schroders is a global investment management firm with £750.6 billion (€866.2 billion; $956.9 billion) assets under management, as at 31 December 2023. Schroders continues to deliver strong financial results in ever challenging market conditions, with a market capitalisation of circa £7 billion and over 6,400 employees across 38 locations. Established in 1804, the founding family remains a core shareholder, holding approximately 44% of Schroders’ shares.
Schroders has benefited from a diverse business model by geography, asset class and client type. It offers innovative products and solutions across four core growing business areas; asset management, solutions, Schroders Capital (private markets) and wealth management. Clients include insurance companies, pension schemes, sovereign wealth funds, high net worth individuals and foundations. Schroders also manages assets for end clients as part of its relationships with distributors, financial advisers and online platforms.
Schroders aims to provide excellent investment performance to clients through active management. It also channels capital into sustainable and durable businesses to accelerate positive change in the world. Schroders’ business philosophy is based on the belief that if we deliver for clients, we will deliver for our shareholders and other stakeholders.
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About Lightsource bp
Lightsource bp is a global leader in the development and management of solar energy projects. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. Our team includes over 1,200 industry specialists, working across 19 global regions. We provide full scope development for our projects, from initial site selection, financing and permitting through to long-term management of solar projects and power sales to our clients.
On 30 November 2023 it was announced that bp has agreed to acquire the 50.03% interest it does not already own in Lightsource bp, which means that bp will take full ownership of Lightsource bp following completion of the transaction. Read more here.
For more information visit lightsourcebp.com, follow us on Twitter and Instagram or view our LinkedIn page.