ISG Renewables, the strategic joint venture between Innova Renewables Ltd and Greencoat UK Solar, has officially acquired the 28.7 MWp Newbold Pacey Solar Farm. The project, located near Wellesbourne in Warwickshire and formerly known as Elms Farm Solar Park, was secured from Innova’s existing development pipeline on May 13, 2024.
Innova will oversee the project’s development and construction phases, targeting full operational status later in 2024. A core element of the farm’s design includes a tailored biodiversity strategy aimed at creating and enhancing habitats for local wildlife. This acquisition marks the third major addition to ISG Renewables’ portfolio, underscoring its rapid expansion in the UK market.
The deal follows the venture’s previous acquisitions of the 10MWp Carn Nicholas Solar Park in Wales in April 2023 and the 22.6MWp Bicker Fen solar farm in Lincolnshire, which became operational in March 2024. These projects are crucial steps toward ISG’s ambitious goal to develop, finance, and operate 5GW of renewable energy capacity in the next three to five years, building on its current 1.5GW solar and storage pipeline.
Hassan Bashir, an investment manager at Innova, expressed his satisfaction with the deal, stating, “We are pleased to announce the sale of our third project to Schroders Greencoat and ISG Renewables, our joint venture.” He noted that the acquisition solidifies their strategic partnership and strongly supports their “mutual objective of advancing the UK’s transition to net zero emissions.”
Matt Tingle, investment director at Schroders Greencoat, which manages Greencoat UK Solar, reinforced the venture’s strategic focus. He explained that acquiring the Newbold Pacey site advances their goal of executing a development pipeline of new solar projects across the UK. “We anticipate that the location will produce consistent electricity for the nearby grid, which will provide investors with consistent cash flows,” Tingle added, highlighting the project’s contribution to UK energy security and net zero commitments.
The acquisition also reflects Innova’s broader success in expanding its utility-scale portfolio. As industry sources reported earlier this year, Innova secured planning consent for three additional solar projects totaling 61.5MW, including its first approved site in Scotland, further cementing its role in accelerating the UK’s renewable energy infrastructure.
Sources Related to ISG Acquires 28.7MWp Newbold Pacey Solar Farm
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