A strategic relationship between Schroders Greencoat and Innova Renewables has been launched for the development and management of solar energy generation and battery storage projects across the UK.
In order to further the UK’s goals for energy security and its Net Zero agenda, funds managed by Schroders Greencoat and Innova have created ISG Renewables, a new platform.
In the next three to five years, the collaboration hopes to finance and develop 5GW of renewable energy capacity, building on the 1.5GW of solar and storage projects that are currently connected to Innova distribution.
Carn Nicholas Solar Park, a 10MWp solar farm in Swansea, Wales, was conceived and built by Innova Renewables, and it is the first acquisition made by ISG Renewables.
Early in 2023, the project’s construction was finished, and as of now, it has been powered up and is functioning.
In the creation, acquisition, construction, delivery, and operational management of sizable portfolios, ISG Renewables will draw on the demonstrated experience and proficiency of both parties.
In addition to contributing expertise in portfolio management, operational management, and long-term asset optimisation, Schroders Greencoat will offer access to long-term funding and bring experience from managing more than 1.1GW of solar capacity across nearly 130 solar farms in the UK.
Innova will contribute to the joint venture its portfolio of development and construction projects as well as internal knowledge in site development, building, and operational management.
Through CfDs, private wires, and corporate PPAs, ISG Renewables will aim to capture a percentage of contracted income. In addition, the company will acquire two other sites, which are anticipated to go operational soon, and three more that will be in the design and procurement stages by 2023.
ISG Renewables wants to add third-party-developed projects to its development and construction pipelines in parallel with the current development pipeline in order to supplement it and provide an operational portfolio that satisfies the partners’ shared goals.
Schroders Greencoat partner, Lee Moscovitch, said “We are very excited to be working closely with Innova to substantially grow our presence in the UK solar generation and storage market.”
“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.”
Director at Innova, Robin Dummett, added “We are delighted to announce this strategic partnership with Schroders Greencoat, with Innova’s pipeline providing the cornerstone to deliver this exciting opportunity at a very large scale.”
“Grounded in shared values and ambitions in the renewable energy sector, we believe this market-leading platform, which combines Innova’s development and operational expertise with Schroders Greencoat’s longstanding reputation for delivery, has the capacity to make a major contribution to the UK’s energy security and net zero targets.”
“Having commenced our construction programme last year, we are delighted that our first project is now operational, with further sites expected to become operational throughout 2023 and we look forward to working with Schroders Greencoat to deliver against our shared ambitions.”
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