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Renewable investment firm Greencoat Capital has launched its first solar fund.
More than 100MW of solar assets have already been acquired by the fund and it plans buy a further 150MW over the next six months.
“We’re very excited to have begun investing in the solar market, having built strong relationships with developers across the sector,” said Greencoat Solar partner Lee Moscovitch.
“The fragmented nature of the UK’s solar capacity offers a great opportunity for low-risk investment; through operational excellence, alongside prudent acquisitions, we expect to deliver our investors predictable, inflation linked secure income.”
Named Greencoat Solar I, the fund has so far purchased six solar farms with a combined capacity of 78MW from Primrose Solar as well as three farms from Bay Wa R.E. with a total capacity of 30MW.
Greencoat Capital’s existing funds include a €200m private equity fund and Greencoat UK Wind – an £880 million fund which is listed on the London Stock Exchange.
In April, Greencoat UK Wind announced plans to issue 300 million shares over the following year to pay down the debts it built up through the purchase of the Stroupster Wind Farm in December for £280 million and a 28.2 per cent stake in Clyde Wind Farm in March.
The first tranche of shares was issued in May, raising more than £100 million, and the second tranche in November, raising a further £147 million.
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