Schroders Greencoat, the specialist renewable investment manager, has acquired on behalf of its clients Stokeford Solar Farm, a 28.5MWp solar farm located near Wareham, Dorset, from Innova and its joint venture partner Will Bond, the landowner at Stokeford Farm. The acquisition was made by a UK flagship private markets fund managed by Schroders Greencoat.
Stokeford Solar Farm is a site that has been developed by the Innova-led JV, and is also part of a shared grid connection with Alaska Wind Farm (8.0MWp) – one of a few shared solar-wind grid connections at utility scale in England. In July 2022 the site was awarded a Contract for Difference (CfD) (AR4) by the Department for Business, Energy and Industrial Strategy.
The site energised on 31st July 2024. The design, module procurement, EPC, and the ICP construction contracts – in addition to the unique technical and commercial complexities involved with a shared grid connection – were managed by Innova’s in-house Delivery, Engineering, Development, and Corporate Finance teams.
Hassan Bashir, Senior Investment Manager at Innova, said:
“We are delighted to announce the divestment of our fourth project from our DNO pipeline to a Schroders Greencoat-managed fund. The acquisition of the operational Stokeford Solar Farm marks a significant ramp-up in scale of new-build projects that Innova together with Schroders Greencoat are delivering, which contributes significantly towards our shared goal to deliver the UK’s net zero target.
“On behalf of Innova, I would like to thank our project partners and legal advisers at TLT LLP for their support through the sales process.”
Matt Tingle, Investment Director at Schroders Greencoat, said:
“This acquisition is the latest in our partnership with Innova, which has now seen four projects transacted, as we work together towards our ambition of meeting the UK’s demand for clean affordable energy, and the Government’s target of 70GW of solar capacity by 2035. Stokeford has the potential to provide investors with the long-term, inflation linked cashflows, which our fund is designed to deliver. We’re looking forward to continuing to work with Innova as we build on our existing portfolio of installed UK solar capacity.”
This is the fourth transaction between Schroders Greencoat and Innova (all of which were from Innova’s development pipeline). The news follows previous acquisitions by ISG Renewables, a JV between the two firms, of Carn Nicholas (10MWp), Bicker Fen (22.6MWp, previously known as Manor Farm Solar Farm) and Newbold Pacey (27.8MWp, previously known as Elms Solar Farm).
For further information from Schroders Greencoat, please contact:
Rachael Dowers, Media Relations Lead, Private Markets | +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 delivering 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 $97.3 billion (£77.0 billion; €90.8 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 30 June 2024 (including non-fee earning dry powder and in-house cross holdings)
Schroders plc
Schroders is a global investment manager which provides active asset management, wealth management and investment solutions, with £773.7 billion (€912.6 billion; $978.1 billion) of assets under management at 30 June 2024. As a UK listed FTSE100 company, Schroders has a market capitalisation of circa £6 billion and over 6,000 employees across 38 locations. Established in 1804, Schroders remains true to its roots as a family-founded business. The Schroder family continues to be a significant shareholder, holding approximately 44% of the issued share capital.
Schroders' success can be attributed to its diversified business model, spanning different asset classes, client types and geographies. The company offers innovative products and solutions through four core business divisions: Public Markets, Solutions, Wealth Management, and Schroders Capital, which focuses on private markets, including private equity, renewable infrastructure investing, private debt & credit alternatives, and real estate.
Schroders aims to provide excellent investment performance to clients through active management. This means directing capital towards resilient businesses with sustainable business models, consistently with the investment goals of its clients. Schroders serves a diverse client base that includes pension schemes, insurance companies, sovereign wealth funds, endowments, foundations, high net worth individuals, family offices, as well as end clients through partnerships with distributors, financial advisers, and online platforms.
Issued by Schroder Investment Management Limited. Registration No 1893220 England. Authorised and regulated by the Financial Conduct Authority. For regular updates by e-mail please register online at www.schroders.com for our alerting service.
Innova
Innova is a forward-thinking renewable energy business, employing over 120 people across two offices in London and Cheltenham. Innova’s long-term mission is to create utility-scale renewable energy projects using multi-technologies that take large energy intensive users off-grid, positively improving the environment, and benefiting local businesses and communities.
Innova will achieve this mission by continuing to develop, build, and operate a range of innovative, environmentally sustainable, long-term renewable energy solutions. To date, Innova has over 60 DNO and Grid connected sites under development in the UK, with a combined solar and storage capacity in excess of 18GW.
Innova offer an integrated approach to renewable energy developments and operations, with a capability across the life cycle of any project. This includes planning, grid connections, project rights development, financing, construction and asset management, Power Purchase Agreements, and long-term operations.For more information about Innova’s mission, projects, and services, please visit www.innova.co.uk