Schroders Greencoat and renewable energy project developer Innova Renewables have entered into a strategic partnership to build and operate solar and energy storage projects in the UK. Under the alliance, funds managed by Schroders Greencoat and Innova have formed ISG Renewables, a new platform contributing to the nation's energy security and net-zero strategies

Building on Innova's current 1.5GW of solar and storage projects, its first acquisition was a 10MW solar farm in Swansea, Wales, the Carn Nicholas Solar Park developed and built by Innova Renewables.

Completed in early 2023, the plant is now operational. The clean energy generated is expected to be enough to reduce CO2 emissions by 2,000 tons per year. Both parties bring to ISG Renewables their respective experience and expertise in the development, acquisition build, delivery and operations management of large portfolios.

Schroders Greencoat will bring experience managing over 1.1GW of solar capacity across 130 solar farms in the UK. It will provide long-term capital, portfolio management, operations management and long-term asset optimization.

Innova Renewables brings its in-house experience in site development, construction and operations management. ISG controls a portion of contract revenue through CFDs, private wire transfers and corporate PPAs. It also plans to acquire projects developed by third parties throughout the development life cycle to increase its development and construction pipeline.

Lee Moscovitch, Partner at Schroders Greencoat, said: "As one of the UK's leading renewable energy investors, we have been leading the way in the deployment, management and optimization of the country's renewable energy infrastructure and we are delighted to start Carn Nicholas' new The solar farm is already in operation. This opportunity brings additional long-term inflation protected cash flows to our investor base, building on our existing 1.1GW UK solar portfolio.Editor/XingWentao