Ingenious Acquires New Solar PV Plant And Multi-million Finance Agreement
Ingenious Estate Planning (IEP), the discretionary fund management service (the Service) managed by alternative investment manager Ingenious, has announced two developments which will contribute considerably to the growth of its renewable energy capabilities.
Through its investee company Ingenious Renewables Energy Enterprises Limited (IREEL), IEP has completed the acquisition of a 5MW ground mounted solar plant, Morton Wood Solar PV Plant (Morton Wood), from Solarig, the Spanish EPC contractor. The plant, located in Worcestershire, is projected to provide electricity to almost 1,300 average UK households and will save in the region of 2,200 tonnes of CO2 per year. It is also expected to receive 1.2 ROCs/MWh (Renewables Obligation Certificates) from the UK government enabling the plant, and subsequently the Service, to benefit from government-backed income for the next 20 years. Revenue will also be generated from the sale of electricity through a long-term bank approved Power Purchase Agreement with NEAS Energy.
This is the third ground mounted solar PV plant that IREEL has acquired from Solarig in just six months. Ingenious Infrastructure's portfolio of owned and/or managed ground-mounted solar projects now totals 120MW, producing over 115,000 MWh of solar power across the UK. 20MW of these projects are managed within the IEP Infrastructure portfolio. IREEL is currently negotiating the acquisition of another 10MW from Solarig.
The team also announces it has signed a Â£15 million long term finance facility with German bank, BayernLB. The agreement will unlock capital to aid the future development and acquisition of additional solar PV plants in the IEP portfolio.
Commenting on the deal, Karin Schramm, Senior Director, BayernLB, said "We have been working in partnership with Ingenious for a number of years, providing Ingenious Infrastructure with over Â£100 million of funding towards the development of renewable energy projects across the UK. With the team utilising the funding to deliver impressive projects such as Cowdown, a 40 MW solar PV plant in Hampshire, we remain confident in Ingenious' collective experience and expertise as a market leader in this space."
Commenting on both milestones, Roberto Castiglioni, Investment Director, Ingenious, said "The purchase of Morton Wood and the signing of the long term finance facility with BayernLB represent significant achievements for the IEP Infrastructure team as we continue in our efforts to bring renewable energy to thousands of households. Both transactions demonstrate our commitment to financing, developing and operating high quality investment opportunities in the UK which will bring value to shareholders and our IEP clients."