Greencoat ventures into solar
First fund targeting photovoltaic assets buys 108MW and seeks another 150MW
UK clean energy investor Greencoat Capital has launched its first fund to target solar power.
The unlisted vehicle, Greencoat Solar I, has already acquired 108MW of photovoltaic assets and aims to buy another 150MW over the next six months.
It has bought six solar parks with 78MW in total capacity from Primrose Solar and another three from BayWa.
Greencoat sees a significant opportunity in a sector with a potential market value of over £20bn, it said.
The company manages Greencoat UK Wind, an £880m listed infrastructure fund, as well as a €200m private equity fund.
“We’re very excited to have begun investing in the solar market, having built strong relationships with developers across the sector,” Greencoat Solar partner Lee Moscovitch said.
“The fragmented nature of the UK’s solar capacity offers a great opportunity for low-risk investment.”