Schroders Greencoat and Innova Renewables joint venture acquires Manor Farm Solar Park
ISG Renewables, a joint venture (JV) platform between Innova Renewables Limited and Greencoat UK Solar, a fund managed by Schroders Greencoat LLP, has acquired Manor Farm, a 22.6MWp solar farm located near Skegness, Lincolnshire from Innova’s existing pipeline.
The sale of Manor Farm is part of ISG’s ambition to finance, construct and operate 5GW of renewable energy capacity over the next three to five years, which includes building on the current Innova distribution connected pipeline of 1.5GW across solar and storage. The JV is expected to make substantial contributions to the UK’s net zero strategy and promote energy security.
Manor Farm is planned to energise later this year, with its development and construction being managed by Innova. This is the second acquisition made by ISG, the first being Carn Nicholas Solar Park, a 10MWp solar farm in Wales, which was acquired in April 2023 after construction completed earlier in the year.
Daniel Mushin, Investment Director of Innova, said:
“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.”
Matt Tingle, Investment Director at Schroders Greencoat said:
“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.”
Alongside Manor Farm, Innova currently has over [60] distribution network operator (DNO) and grid connected sites under development in the UK, with a combined solar and storage capacity in excess of 23GW. Each of these projects will deliver Biodiversity Net Gain, leaving the local habitat for wildlife in a better state than it was before development — as required by law, as well as aligning with Innova’s community and charitable promise.
In parallel to the existing development pipeline, ISG Renewables plans to acquire additional third party-developed projects across the development lifecycle to augment its development and construction pipelines, allowing for the delivery of an operational portfolio which meets the Innova and Schroders Greencoat’s shared ambitions.