Lightsource to offer O&M and asset management services for 365MW PV portfolio in UK
Lightsource Renewable Energy has collaborated with Vortex to deliver long-term operations and maintenance (O&M) and asset management services for a 365MW solar photovoltaic (PV) portfolio in the UK.
Managed by EFG Hermes' Private Equity unit, the European company Vortex has entered into a sale and purchase agreement to acquire the operational solar portfolio owned by US-based TerraForm Power.
With an enterprise value of approximately £470m, the portfolio comprises 24 operational assets with an average age of two years.
Lightsource's chief executive officer Nick Boyle said: “We’re delighted to have partnered EFG Hermes to secure this deal. We’ve built our business around an incredibly talented and dedicated in-house team which has enabled us to grow rapidly to become one of the world’s largest solar developers.
“We’re very proud of the knowledge and expertise we have developed over the last five years and our in-house capabilities allow us to provide a gold-standard asset management and operations and maintenance service to third party clients and thus help secure such quality business.”
The solar portfolio is expected to deliver revenues of £40m this year, with an earnings before interest, tax, depreciation, and amortisation (EBITDA) margin of 80%.
Established in 2010, Lightsource Renewable Energy offers in-house service capabilities involving every aspect of O&M and asset management, including reporting, contracts management, finance management, and loan compliance, as well as site monitoring and optimisation.
To date, the solar energy company has managed more than 180 utility scale assets across England and Wales.