ISG Renewables, a joint venture between Schroders Greencoat and Innova Renewables Limited, has acquired a 22.6MW solar farm in Lincolnshire.
The Manor Farm project is located near Skegness, Lincolnshire and is expected to go live later this year, with Innova planning to oversee its development and construction.
The acquisition of the solar farm is part of ISG’s ambition to finance, construct and operate 5GW of renewable energy capacity within the next three to five years. The joint venture’s solar and storage pipeline currently includes 1.5GW of capacity.
“We are delighted to announce our second project with Schroders Greencoat. The acquisition of Manor Farm, alongside the further site acquisitions expected in 2023, strengthens our strategic partnership and builds towards our shared ambition of financing and developing 5GW of renewable energy capacity over the next three to five years,” said Daniel Mushin, investment director of Innova .
Matt Tingle, investment director at Schroders Greencoat added: “Our partnership with Innova is an essential part of delivering on our ambitions in the UK solar market. It is these long term partnerships based on a reliable pipeline of assets that help us continue to provide the inflation linked income that our investors expect and that our products are designed to deliver.
“The acquisition of Manor Farm, and of Carn Nicholas earlier this year, provide a firm foundation on which to deliver on these investment objectives as well as UK Government targets of 70GW of solar by 2035.”
Innova also recently recieved planning permission from Nuneaton and Bedworth Borough Council for a 25MWp solar farm north-east of Coventry.
