Schroders Greencoat and Innova's UK partnership buys Manor Farm Solar Park

ISG Renewables, a joint venture between Innova Renewables and Greencoat UK Solar, a fund managed by Schroders Greencoat has acquired Manor Farm, a 22.6MWp solar farm located near Skegness, Lincolnshire from Innova’s existing pipeline. 

The sale price has not been disclosed.

The Manor Farm deal is part of ISG’s ambition to finance, construct and operate 5GW of renewable energy capacity over the next three to five years, which includes building on the current Innova distribution connected pipeline of 1.5GW across solar and storage.

The partnership is expected to make substantial contributions to the UK’s net zero strategy and promote energy security, ISG said.

Manor Farm is planned to start producing renewable energy later this year, with its development and construction being managed by Innova. This is the second acquisition made by ISG, the first being Carn Nicholas Solar Park, a 10MWp solar farm in Wales, which was acquired in April 2023 after construction was completed earlier in the year.

Daniel Mushin, investment director of Innova, said: “The acquisition of Manor Farm, alongside the further site acquisitions expected in 2023, strengthens our strategic partnership and builds towards our shared ambition of financing and developing 5GW of renewable energy capacity over the next three to five years.”

Matt Tingle, investment director at Schroders Greencoat said: “Our partnership with Innova is an essential part of delivering on our ambitions in the UK solar market. It is these long-term partnerships based on a reliable pipeline of assets that help us continue to provide the inflation-linked income that our investors expect and that our products are designed to deliver.

”The acquisition of Manor Farm, and of Carn Nicholas earlier this year, provide a firm foundation on which to deliver on these investment objectives as well as UK Government targets of 70GW of solar by 2035.”

Alongside Manor Farm, Innova has more than 60 distribution network operators and grid-connected sites under development in the UK, with a combined solar and storage capacity in excess of 23GW. 

In parallel to the existing development pipeline, ISG Renewables plans to acquire additional third-party-developed projects across the development lifecycle to augment its development and construction pipelines, allowing for the delivery of an operational portfolio which meets the Innova and Schroders Greencoat’s shared ambitions.

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