Greencoat Capital raises £262 million for solar fund

Renewables are “becoming mainstream investments” says managing partner.

Greencoat Capital has announced the close of its Greencoat Solar II fund, which has raised £262 million from some of the UK’s largest corporate pension schemes.

The investment firm’s first solar fund (Solar I) closed in September 2016 and raised £295 million, bringing the total amount of investment raised by Greencoat over the last 12 months for its solar strategy to £560 million.

The Solar I fund has already invested more than £260 million in a portfolio of 21 solar farms, ranging in size from 5 to 50MW, with a total capacity of more than 200 MW.

“Solar I is already substantially invested, and we are making fast progress on Solar II with £130 million under exclusivity,” said partner, Lee Moscovitch.

“We continue to see opportunity for UK solar aggregation in a busy secondary market upwards of £20 billion in size.

“Given our reputation for execution, and an ability to manage a wide range of assets, we are excited about Greencoat Solar’s prospects.”

The managing partner of Greencoat Capital, Richard Nourse, added: “Renewables are no longer on the periphery of UK pension fund asset allocations, they are becoming mainstream investments for major funds.

“UK solar PV assets provide the low-risk, predictable cash flows, low correlation and inflation-linkage that pension funds want to match their liabilities and close the funding gap.”

Author: Jamie Hailstone,
Channel: Markets & Trading , Finance & investment
Tags: UK , Finance and Investment

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