+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
 
Loading...
{megaLeaderboard}
{normalLeaderboard}
News Article

Lightsource and BlackRock Seal £1bn UK Partnership

News

Lightsource and BlackRock Real Assets have entered in to a strategic partnership which is targeting the acquisition and ownership of UK solar power generation assets with an anticipated aggregate enterprise value of £1 billion, representing a total target installed capacity of circa 1GWp. The newly created partnership, called "Kingfisher", aims to consolidate the secondary UK solar market.

Lightsource has seeded the partnership with a 25 asset newly-constructed ROC and CFD portfolio with an installed capacity of 156 MWp. Lightsource will add a further c. 50MWp of Northern Ireland ROC assets later this year, once operational.

Going forward, Lightsource and BlackRock Real Assets will target the acquisition of operational utility scale solar assets in the UK over a three-year period. Kingfisher has both a levered and unlevered strategy, with the seed assets funded under the levered structure, with RBS providing project finance with an accordion feature for future acquisitions. Kingfisher will look to target both levered and unlevered asset opportunities.

Lightsource Chief Investment Officer, Paul McCartie, said:
"We're incredibly excited about this partnership with such an established and prestigious investor as BlackRock in the UK. Kingfisher is confirmation of our proven differentiation as a professional partner to institutional capital globally, and ability to create profitable and sustainable investment opportunities in the solar and energy broader market. By leveraging economies of scale, Lightsource can provide cost efficiencies and better returns as we acquire UK solar plants and operate them as part of our growing global portfolio. This is the clear differentiator between Lightsource and many other solar companies".

Rory O'Connor, Managing Director and Head of Renewable Power for Europe at BlackRock said:
"We are pleased to partner with Lightsource in the creation of this new UK solar portfolio. Over the last two years, we have invested in more than 20 solar projects in the UK representing nearly 150-megawatt of capacity on behalf of our clients, and we believe this market continues to present attractive opportunities for institutional investors. In working closely together with Lightsource as a leading developer and operator of solar projects we are confident to realize a lot of additional potential in the market."

BlackRock has a proven track record in the Renewables sector and through its dedicated global Real Assets platform globally manages more than $4.8 billion of equity assets in the renewable power sector.

As part of the agreement, Lightsource will provide long-term operations and asset management services for the platform; building on the company's experience providing these services for 1.9 GWp of utility scale solar assets in the UK.

Schletter Group: 48 MWp Project in Italy
ENCAVIS Acquires Two More Solar Parks In Spain and Surpasses The Planned Expansion
Maximum profitability with KACO advanced technology for complex solar roofs
Enviromena wins contract to re-power three major solar farms ahead of the summer energy peak
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
Next2Sun Builds World's Largest Vertical PV Plant at Frankfurt Airport
DNV Publishes Bankability Study of Solcast Satellite Irradiance Data
Steel company SSAB switches to fossil-free energy in Italy with PV solution from Solnet
janom Investments enters the Croatian solar energy industry by investing in a 30 MW power plant project
Trina Solar Vertex S+ 505W n-type dual-glass modules enter mass production
BayWa r.e. and 3E sign partnership agreement for monitoring & analytics of global PV portfolio
Accelerating Spain's Energy Transformation: LONGi to supply Naturgy with 1 million modules in new deal
NTR announces corporate PPA with Almac Group to buy energy from Murley Wind Farm, Northern Ireland
Oxford PV sets new solar panel efficiency world record
Order Intake for the Construction of Wind Turbines in Turkey
Trilantic Europe acquires stake in AEROCOMPACT Group
Octopus Energy makes solar farm debut in Germany
Austria-based KOGA Energy, a solar EPC solutions provider, has kicked off.
Exus to acquire 625MW New Mexico solar portfolio
Capcora Accompanies SUSI Partners In Raising Senior Debt For a Polish Renewables Portfolio
Qualitas Energy acquires a 96 MW wind energy project pipeline in Germany
Nordex Group receives orders from the UK for approx. 150 MW
Trina Solar gains EPD certification from UL Solutions and EPDItaly for industry leading modules
Mandarin Oriental Hyde Park, London instals innovative solar tech to decarbonise heating
Efficiency First: The Road to Electrification
SCHLETTER Supplies Austria's Largest PV Roof System
E.ON partners with UK renewable heat innovator Naked Energy
Sonnedix signs innovative EUR500 million loan facility to finance construction of its renewable electricity pipeline in Europe and UK
Construction begins on Glennmont and Ørsted’s Borkum Riffgrund 3 offshore wind farm in Germany
ABB shores up reliable power supply at Southeast Asia’s largest floating solar plant
Sonnedix starts construction of 300MW UK solar PV portfolio

×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: