Mon, 29 Jan 2024 | COMMERCIAL PROPERTY
Administrators from Interpath Advisory of have agreed a deal to sell a portfolio of 53 UK solar farms. The sale of the Toucan Energy portfolio by the joint administrators of Toucan Energy Holdings 1 Ltd is the largest operational solar portfolio sale transacted in the UK, with a value of approximately £700 million.
Interpath Advisory’s Jim Tucker, David Pike and Kristina Kicks were appointed as joint administrators of Toucan Energy Holdings 1 Ltd on November 10 2022. The portfolio has a combined capacity of 513.5 MWp, with farms across England, Wales and Northern Ireland, and powers the equivalent of around 184,000 homes.
The portfolio will be majority acquired by Schroders Greencoat managed private market funds, including Greencoat Solar II LP and Greencoat Renewable Income LP, along with other recently launched mandates.
A significant portion will be acquired by six Local Government Pension Schemes (Oxfordshire, Avon, Gloucestershire, Cornwall, Devon and Wiltshire) via locally-focused renewable energy infrastructure fund Schroders Greencoat Wessex Gardens LP, which was established in 2023. Tokyo Century is a co-investor on the acquisition.
Joint administrator and Interpath Advisory Managing Director Jim Tucker said: "We are delighted to have reached this landmark agreement with Schroders Greencoat which will see this excellent solar portfolio move into new ownership, delivering optimum value and generating a significant return for the portfolio’s creditors.”
"This was a highly competitive sales process, requiring substantial preparation, due in no small part to the fact that assets of this scale and quality rarely come to market. We look forward to the transaction completing in the coming weeks."
Lee Moscovitch, partner at Schroders Greencoat, added: "We are thrilled to have agreed to acquire the largest operational solar portfolio put to market in the UK. This is a major achievement for Schroders Greencoat, particularly given the size, complexity and number of stakeholders involved in the transaction."
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