Ingenious Estate Planning (IEP), the discretionary fund management service (the Service) managed by leading alternative investment manager Ingenious, has announced that through its investee company Ingenious Renewables Energy Enterprises Limited (IREEL) it has completed the acquisition of a 5MW ground mounted solar plant, Morton Wood Solar PV Plant (Morton Wood), from Solarig, the Spanish EPC contractor.
The plant, located in Worcestershire, is projected to provide electricity to almost 1,300 average UK households and will save in the region of 2,200 tonnes of CO2 per year. It is also expected to be accredited to receive 1.2 ROCs/MWh (Renewables Obligation Certificates) from the UK government enabling the plant, and subsequently the Service, to receive government-backed income for the next 20 years. Revenue will also be generated from the sale of electricity through a long-term bank approved Power Purchase Agreement with NEAS Energy.
This is the third ground mounted solar PV plant that IREEL has acquired from Solarig in just six months, marking another milestone in Ingenious Infrastructure’s growing presence in the UK renewable energy market. The division’s portfolio of owned and/or managed ground-mounted solar projects now totals 120MW, producing over 115,000 MWh of solar power across the UK. 20MW of these projects are managed within the IEP clean energy portfolio. IREEL is currently negotiating the acquisition of another 10MW from Solarig.
Commenting on the deal, Roberto Castiglioni, Investment Director, Ingenious, said:
“The purchase of Morton Wood is another significant development for the IEP Infrastructure team. As well as providing solar energy to over a thousand households, the transaction demonstrates our ongoing commitment to financing, developing and operating high quality investment opportunities in the UK which will bring value to our IEP clients.”