A new platform has been established in the UK with the goal of financing and developing a 5-GW renewable energy portfolio over the next three to five years by renewables-focused investment manager Schroders Greencoat LLP and solar and storage developer Innova Renewables.
To execute solar and battery storage projects, the businesses joined together to form ISG Renewables. The new firm will expand upon the 1.5 GW pipeline already owned by Innova and will have access to long-term funding provided by Schroders Greencoat.
The 10-MWp Carn Nicholas solar park in Swansea, Wales, that Innova put up earlier this year will be ISG Renewables’ first acquisition. As soon as they become operational, two more Innova locations will be added, and three more, currently in the design and procurement stages, will be acquired over the course of the year. The platform will also purchase initiatives created by outside parties.
The JV will look to earn money from projects contracted under the Contract for Difference (CfD) program of the UK government as well as through corporate power purchase agreements (PPA) and private wires.
“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,” said Lee Moscovitch, Schroders Greencoat Partner.