Ingenious Estate Planning: IEP closes on two ground mounted solar PV plants in Derbyshire, England.
Ingenious Estate Planning (“IEP”), the discretionary fund service managed by Ingenious has, through its investee company Ingenious Renewables Energy Enterprises Limited (“IREEL”), closed an acquisition of two ground mounted solar PV plants in Derbyshire. The plants have a total combined capacity of c. 8MW and were acquired from Solarig Italia Development s.r.l, the Spanish EPC contractor (“Solarig”).
This transaction is the first part of the planned acquisition of a wider portfolio from Solarig which is expected to be completed before the end of the current subsidy scheme. The existing plants will benefit from 1.3 ROCs (Renewable Obligation Certificates) as they were connected before the end of March 2016. The smaller plant, a 3MW installation, is located in Yeldersley, Derbyshire while the other 4.8MW project is nearby in Alfreton. Both plants are equipped with tier-one Talesun Solar panels and Power Electronics inverters.
The two plants are expected to produce in excess of 7,700 MWh of green electricity per year; enough to power some 2,000 houses with a Co2 saving of more than 4,300 kg per year.
A third plant, also located in Derbyshire, is proposed to be acquired from Solarig by IREEL with a total installed capacity of 4.9MW is currently under construction and is proposed to be connected by August 2016 under the 1.2 ROCs scheme.
IREEL are also in discussions with Solarig in relation to the proposed acquisition of a further 4 ground mounted solar PV plants in the UK which are expected to be constructed and acquired before March 2017. If these transactions proceed, this will bring the total ground mounted solar PV portfolio invested in by IEP to around 40MW in size.
SgurrEnergy assisted as technical advisor while Berwin Leighton Paisner acted as legal advisor for IREEL, with Addleshaw Goddard having acted as legal counsel for Solarig.