The sale of Manor Farm is part of ISG’s ambition to finance, construct and operate 5 GW of renewable energy capacity over the next three to five years, which includes building on the current Innova distribution connected pipeline of 1.5 GW across solar and storage. The JV is expected to make substantial contributions to the UK’s net zero strategy and promote energy security.
The development and construction of Manor Farm is being managed by Innova and the facility is expected to start generating power later this year. It is the second acquisition by ISG, the first being the 10MWp Carn Nicholas Solar Park, acquired in April 2023 after its construction earlier in the year.
“We are delighted to announce our second project with Schroders Greencoat” said Daniel Mushin, Investment Director of Innova. “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 5 GW of renewable energy capacity over the next three to five years.”
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 23 GW. 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.
“Our partnership with Innova is an essential part of delivering on our ambitions in the UK solar market” added Matt Tingle, Investment Director at Schroders Greencoat. “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 70 GW of solar by 2035.”
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