Greencoat Capital has acquired the last of Germany-based BayWa r.e.’s U.K. solar farm assets through its second solar fund, Greencoat Solar II.
Greencoat Solar II will take possession of the 45-megawatt Bann Road park, which is said to be the largest of its kind in Northern Ireland. The remaining 30 megawatts are spread across six photovoltaic farms located in England and Wales, each with a capacity of 5 megawatts.
Greencoat Solar II held a £262 million ($310 million) first close in September. It is focused on the acquisition and management of a portfolio of mixed-scale, ground-mount solar PV in the United Kingdom. The vehicle aims to generate predictable cash flows with high inflation protection and low to no leverage, and intends to hold the assets for their full life.
This is the most recent of numerous renewable energy capacity deals between BayWa r.e. and Greencoat. BayWa r.e. sold the 16.4-megawatt Bishopthorpe wind farm to Greencoat U.K. Wind in July and last December, Greencoat Solar I bought 30 megawatts of solar assets from BayWa.
