The 29MWp Newbold Pacey Solar Farm near Wellesbourne, England, has been acquired by ISG Renewables, a partnership between Innova Renewables and Greencoat UK Solar, from Innova's current pipeline of projects.
ISG Renewables Keeps Acquiring Solar Farms
Later this year, the Newbold Pacey Solar Farm, previously referred to as Elms Farm Solar Park, in Warwickshire, is expected to be operational. Innova is managing the development and construction of the project. Moreover, the site will implement a tailored biodiversity strategy to create or enhance habitats.
ISG's solar farm acquisition aligns with its ambition to develop, finance, and operate 5GW of renewable energy capacity within the next three to five years. The joint venture's solar and storage pipeline currently comprises 1.5GW of capacity.
This marks ISG's third acquisition. The first was Carn Nicholas Solar Park, a 10MWp solar farm in Wales in April 2023, followed by Bicker Fen (formerly Manor Farm Solar Park), a 22.6MWp solar farm in Lincolnshire, acquired in September 2023 and operational from March 2024.
In 2023, Innova also received approval from Nuneaton and Bedworth Borough Council for a 25MWp solar farm northeast of Coventry. The design of the array incorporates a tailored biodiversity strategy, enhancing habitats for local wildlife and native species.
Towards UK’s Goal of Net Zero Emissions
Hassan Bashir, an investment manager at Innova, expressed satisfaction with the sale of their third project to ISG Renewables, a joint venture with Schroders Greencoat. The acquisition of Newbold Pacey further solidifies their strategic partnership and greatly aids their mutual objective of advancing the UK's transition to net zero emissions.
“With great pleasure, we announce the sale of our third project to Schroders Greencoat and ISG Renewables, our joint venture,” remarked Bashir.
Bashir also expressed thanks to TLT LLP and Morgan LaRoche, Innova's legal advisors, for their support during the sales process. Additionally, he highlighted that the acquisition of Newbold Pacey further enhances their strategic partnership and significantly contributes to their mutual objective of aiding the UK's transition to net zero emissions.
Matt Tingle, investment director at Schroders Greencoat, emphasized that acquiring the 27.8MWp Newbold Pacey solar farm advances their joint venture objectives with Innova to execute their development pipeline of new solar projects throughout the UK.
Tingle also expressed eagerness to further invest in similar projects with Innova to bolster UK energy security and support net zero commitments. “We anticipate that the location will produce consistent electricity for the nearby grid, which will provide investors with consistent cash flows,” he said.
Innova’s Previous Solar Projects
Innova continues its expansion of utility-scale solar farms across the UK. As previously detailed by Solar Power Portal in February, Innova obtained planning permission for three solar projects totalling 61.5MW in East Suffolk, Essex, and Scotland.
These projects include Bucklesham Solar Park (25MW) in East Suffolk, Parkgate Farm Solar Park (22.5MW) in Essex, and Parkhill South Solar Farm (14MW) in Scotland.
Bucklesham Solar Park received planning consent on 28 November 2023, promising a significant increase in biodiversity for habitat units and hedgerows. Following an appeal hearing on 12 December, Parkgate Farm Solar Park secured planning permission on 15 December 2023.
Innova's final approved project, Parkhill South Solar Farm, located north of Arbroath and east of Letham Grange, marks their inaugural approval in Scotland. It promises substantial biodiversity net gain for habitats and hedgerows.
ISG Renewables' acquisition of the Newbold Pacey Solar Farm, alongside Innova's ongoing development efforts, accelerates the UK's transition to net zero emissions while bolstering renewable energy infrastructure and biodiversity conservation.