ISG Renewables, a joint venture (JV) between Innova Renewables and Greencoat UK Solar, has successfully acquired Manor Farm, a 27MW solar farm situated near Skegness, Lincolnshire.
This strategic move sees the JV taking over the project from Innova's existing pipeline. The sale of Manor Farm aligns with ISG's ambitious plan to finance, develop, and operate 5GW of renewable energy capacity within the next three to five years. This endeavor includes expanding on Innova's current distribution-connected pipeline, which boasts 1.5GW across solar and storage.
The collaboration between Innova Renewables and Greencoat UK Solar is poised to play a substantial role in advancing the United Kingdom's commitment to achieving net-zero emissions and bolstering energy security.
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Manor Farm is on track to be energized later this year, with Innova overseeing its development and construction.
This acquisition marks ISG's second foray into expanding its renewable energy portfolio. The first acquisition was the Carn Nicholas Solar Park, a 10MW solar farm in Wales, which was secured in April 2023 after construction was completed earlier in the year.
Daniel Mushin, Investment Director of Innova, expressed his satisfaction with the partnership, stating, “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, added, “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.”
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In addition to Manor Farm, Innova presently has over 60 distribution network operator (DNO) and grid-connected sites in various stages of development across the UK. These sites collectively offer a solar and storage capacity exceeding 23GW. Importantly, each of these projects is committed to delivering Biodiversity Net Gain, in compliance with legal requirements, thereby leaving local wildlife habitats in an improved state compared to their pre-development condition. This approach also aligns with Innova's commitment to supporting communities and charitable initiatives.
In tandem with its existing development pipeline, ISG Renewables intends to acquire third-party-developed projects throughout their development lifecycle, further solidifying its presence in the renewable energy sector.
