Assets acquired for an undisclosed amount include the CfD-backed 14.4MW Charity Farm in Shropshire, but is largely comprised of projects backed by Renewable Obligation Certificates, companies said.
Greencoat Solar has agreed to buy a 156MW portfolio of British solar assets from BlackRock Real Assets and Lightsource BP on behalf of a number of the UK's largest pension funds.
The companies said today Greencoat will acquire 100 per cent ownership of the assets. Financial details for the deal were not disclosed.
The solar PV portfolio is largely comprised of projects backed by Renewable Obligation Certificates (ROCs) with an average of 16 years of support remaining, the companies said, but one of the assets, the 14.4MW Charity Farm in Shropshire, is backed through a Contract for Difference.
Blackrock acquired a 90 per cent stake in the 156MW portfolio in 2017 from its developer, Lightsource BP, which maintained a 10 per cent stake.
Lightsource BP will continue to provide ongoing asset management and operational services for the projects, which generate enough electricity to supply around 45,000 homes.
Ryan O'Connor, global chief investment officer and head of Europe for BlackRock Renewable Power, applauded the transaction as evidence of the resilience of the renewable sector despite the Covid-19 pandemic.
"The structural transition to a lower-carbon future is providing attractive investment opportunities in renewable power globally. There is a significant re-allocation of capital underway that underscores the resilience of the sector, even while public markets face uncertainty as the world addresses the Covid-19 pandemic," he said.
He added that the recent close of Blackrock's Global Renewable Power II Fund at $1.5bn provided further proof of "strong ongoing demand from our clients looking for renewable power and climate infrastructure investment opportunities that can deliver attractive and sustainable returns".
Greencoat Capital's Karin Kaiser said the company continued to see a "strong opportunity" for solar aggregation in the UK, noting that the purchase brings the investment firm's total solar generating capacity to 880MW.
"This is a brilliant portfolio of proven operational assets that will provide our clients predictable cashflows with inflation protection over the long term, whilst contributing to the decarbonisation of the UK's electricity sector," she said.
Meanwhile, Lightsource BP's chief investment officer Paul McCartie said the transaction was "testament to the strong growth of the UK market".
"The portfolio was originally developed and constructed by Lightsource BP and is today a strong operational portfolio," he added. "We look forward to working with Greencoat and continuing to provide operational services in the future."
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