UK’s renewable investor Greencoat Capital announced on Thursday it purchased a 156-megawatt (MW) solar portfolio from BlackRock Real Assets and Lightsource BP.
The investment was made on behalf of a number of the UK’s largest pension funds, Greencoat said, without disclosing further details. The acquisition brings the solar capacity managed by Greencoat to nearly 880MW, Kallanish Energy reports.
The UK assets reduce CO2 emissions by 65,000 tonnes per year, and supply around 45,000 homes in the country. Although Greencoat will own 100% of the assets, Lightsource BP will continue to provide ongoing asset management and operational services.
“The structural transition to a lower carbon future is providing attractive investment opportunities in renewable power globally,” said BlackRock Renewable Power’s global chief investment officer, Rory O’Connor.
“There is a significant re-allocation of capital underway that underscores the resilience of the sector, even while public markets face uncertainty as the world addresses the Covid-19 pandemic,” he added.
Greencoat Capital said the portfolio will provide its clients with “predictable cashflows with inflation protection over the long term, whilst contributing to the decarbonization of the UK’s electricity sector.”
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