Schroders Greencoat, Schroders Capital’s renewables infrastructure management arm, has acquired three solar PV assets from Metlen Energy and Metals (formerly Mytilineos).
The portfolio consists of three operational ground mounted solar developments with a combined capacity of about 110MW: Gorse Lane in Lincolnshire, Defford in Worcestershire and Watnall in Nottinghamshire.
In 2022, Metlen (then Mytilineos) and Centrica signed a power purchase agreement (PPA) with Vodaphone UK pertaining to the energy generated by the three assets.
After the transaction, on behalf of one of its solar-focused private asset vehicles, Greencoat’s operating solar portfolio totals approximately 1.9GWp.
Lee Moscovitch, partner at Greencoat, said: “We are pleased to add these assets to our growing UK solar portfolio. This acquisition underscores our commitment to delivering stable and sustainable returns to our valued investors. As the renewable energy industry works towards achieving the UK Government’s ambitious 2035 solar targets, this transaction further solidifies our position as a leading player in the sector.”
This cements its position as the largest manager of operating ground mount solar farms in the UK, according to the company’s own market research. Earlier this year, Greencoat acquired Toucan Energy, pegged as the largest operational solar portfolio traded in the UK.
A £700 million deal secured 53 solar farms for Greencoat with a combined capacity of 513MW.
The renewables subsidiary of Greek firm Mytilineos became Metlen at the beginning of June, a milestone that chairman and CEO Evangelos Mytilineos said shows the company is “motivated and devoted to reaching new heights that a Greek company has never conquered”.
Metlen secured an engineering, procurement and construction (EPC) contract for the 373MW Cleve Hill solar project in 2023, overseeing the delivery of the Kent-based project headed by Quinbrook.
The developer successfully appealed Swale Council’s decision to refuse consent for the co-located 150MW battery energy storage system (BESS) for the site, the latest battery asset to be assigned to Metlen. It has over 439MW of solar and 732MW/1.18GWh BESS projects in the UK.
