ISG Renewables, a joint venture between Innova Renewables and Greencoat UK Solar, has completed the acquisition of the 29MWp Newbold Pacey Solar Farm located near Wellesbourne, England, from Innova's existing pipeline.
The Newbold Pacey Solar Farm, previously known as Elms Farm Solar Park, spans 28.7MWp in Warwickshire and is slated to be operational later this year under the management of Innova.
Once operational, the solar farm is projected to generate sufficient energy to power 10,616 homes, while significantly reducing carbon emissions by saving 11,466 tonnes of CO2 annually.
Moreover, the solar farm's design incorporates a tailored biodiversity strategy, aiming to create or enhance habitats to benefit local wildlife and native species.
This marks the third acquisition by ISG Renewables, following the purchase of Carn Nicholas Solar Park, a 10MWp solar farm in Wales, in April 2023, and Bicker Fen Solar Park, a 22.6MWp facility in Lincolnshire, acquired in September 2023 and energized in March 2024.
Hassan Bashir, Innova's investment manager, expressed satisfaction with the partnership's progress, stating, “We are delighted to announce the sale of our third project into our joint venture, ISG Renewables, with Schroders Greencoat. The acquisition of Newbold Pacey continues to strengthen and deepen our strategic partnership and contributes significantly towards our shared goal to support the UK's journey to net zero.”
He also extended gratitude to legal advisers TLT LLP and Morgan LaRoche for their support throughout the sales process.
Matt Tingle, investment director at Schroders Greencoat, emphasized the venture's commitment to realizing Innova's development pipeline of newbuild solar projects across the UK, adding, “We look forward to seeing the site deliver reliable power generation to the local grid, which in turn delivers reliable cashflows for investors.”
