Schroders Greencoat, a renewable projects manager, and renewable energy projects developer Innova Renewables have reached a strategic partnership to build and operate solar and energy storage projects in the UK.
Under the alliance, Schroders Greencoat-managed funds and Innova have formed ISG Renewables, a new platform to contribute to the country’s energy security and net zero strategy.
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The Schroders Greencoat and Innova tie-up targets the development and financing of 5GW of renewable energy capacity over the next three to five years.
Building on Innova’s current pipeline of 1.5GW in solar and storage, its first acquisition is a 10MW solar plant in Swansea, Wales, the Carn Nicholas Solar Park, developed and built by Innova Renewables.
Construction was completed in early 2023 and the plant is now operational. It is expected to generate enough clean energy to reduce CO₂ emissions by 2,000t per year.
Both parties bring their respective experience and expertise to ISG Renewables in the development, acquisition construction, delivery and operational management of large-scale portfolios.
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By GlobalDataSchroders Greencoat will bring onboard the experience of managing more than 1.1GW of solar capacity across 130 solar farms in the UK.
It will provide long-term capital, portfolio management, operational management and long-term asset optimisation.
Innova Renewables brings its in-house experience in site development, construction and operational management.
ISG directs a proportion of contracted revenues through contracts for difference (CfDs), private wires and corporate PPAs.
It also plans to acquire third party-developed projects across the development lifecycle, to increase its development and construction pipelines.
Schroders Greencoat partner Lee Moscovitch said: “As one of the leading renewables investors in the UK, we have been long-time front-runners in the deployment, management, and optimisation of the country’s renewable infrastructure, and we’re thrilled to start so strongly with the new solar farm at Carn Nicholas, which is already operational. This opportunity brings further long-term inflation-protected cashflows to our investor base, building on our existing 1.1GW portfolio of UK solar assets.
“Looking to the future, ISG Renewables is well placed to contribute to the UK’s leadership position within the global energy transition, and to help meet society’s need for clean, affordable and reliable power.”
