Greencoat Capital has bought a 99.1MW UK portfolio of three solar farms from Allianz Global Investors.
The manager said the portfolio, acquired for an undisclosed sum, was bought on behalf of the Greencoat Solar II fund.
The portfolio includes the 46MW Vine Farm in Hertfordshire, the 23MW INRG asset in Worcestershire and the 30MW Rose & Crown asset in Cambridgeshire.
The three sites were initially developed by BayWa as part of a larger portfolio of six sites, with Greencoat Solar already owning the other three.
Greencoat said the latest deal marks the acquisition of more than £1bn (€1.1bn) of solar generation assets by Greencoat Solar II.
Karin Kaiser, Greencoat Capital, said: “Having owned and operated the other half of this portfolio for four years, we know these are high-quality assets and are really pleased with the acquisition.
“We’re very proud to have deployed more than £1bn of private sector capital through Greencoat Solar II and continue to see an attractive pipeline of opportunities. It is fantastic to be able to contribute to the renewable build-out at this scale, whilst at the same time delivering stable returns to our pension fund clients.”
To read the digital edition of the latest IPE Real Assets magazine click here.