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Schroder Greencoat and Innova Renewables have formed a joint venture named ISG Renewables to build and operate 5GW of solar and storage assets in the UK over the next three to five years.
The portfolio will incorporate Innova’s existing development pipeline of 1.5GW of distribution-connected solar and storage projects.
Schroders Greencoat, which was named Greencoat Capital until Schroders Capital acquired a majority stake in the firm, manages two solar investments funds in the UK. As well as access to long-term capital to fund the buildout, the company will provide expertise in portfolio management, operational management and asset optimisation from managing over 1.1GW generation capacity across 130 solar farms in the UK.
Earlier this year, Innova completed construction of the first project in its solar and storage pipeline – the 10MW Carn Nicholas solar farm in Swansea. The installation is now operational and has been acquired by ISG Renewables.
To augment Innova’s existing pipeline, ISG is also planning to acquire projects from third parties at various stages of development.
Lee Moscovitch, partner at Schroders Greencoat, said: “We are very excited to be working closely with Innova to substantially grow our presence in the UK solar generation and storage market.
“As one of the leading renewables investors in the UK, we have been long-time front-runners in the deployment, management, and optimisation of the country’s renewable infrastructure, and we’re thrilled to start so strongly with the new solar farm at Carn Nicholas, which is already operational.”
Innova director Robin Dummett said: “We are delighted to announce this strategic partnership with Schroders Greencoat, with Innova’s pipeline providing the cornerstone to deliver this exciting opportunity at a very large scale.”
He continued: “Having commenced our construction programme last year, we are delighted that our first project is now operational, with further sites expected to become operational throughout 2023 and we look forward to working with Schroders Greencoat to deliver against our shared ambitions.”
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