Japanese financial services firm Tokyo Century Corporation has teamed up with investment firm Downing to invest in UK solar power projects.
The two firms have established the joint venture expected to develop and operate a 500MW UK solar portfolio across approximately 10 sites by 2028.
The joint venture will acquire ready-to-build projects that have contracts-for-difference arrangements in place.
Projects will be sourced from Downing’s own development pipeline and from third-party developers.
Downing will provide end-to-end services throughout the lifecycle of power plants and Tokyo Century will manage the venture with Downing, making collaborative decisions on key matters, including investment decisions for individual asset acquisitions, project financing and asset divestment.
Toshihiro Nakanishi, general manager at Tokyo Century, said: “We are very pleased to continue our global renewable energy investment programme and were impressed with Downing’s capabilities and the UK market opportunity. We look forward to pursuing our first construction-led strategy and think that this opportunity is a compelling one.”
Tom Williams, head of energy and infrastructure at Downing, said: “Tokyo Century is an enormously experienced investor and their commitment is a strong endorsement of both our capabilities and the strength of the UK renewables market.
“By combining our in-house expertise across development, construction and asset management, we are confident this partnership will deliver meaningful capacity, create long-term local employment and benefits and support the UK’s transition to a resilient, low-carbon energy system.”
Chris Bryant, UK minister for trade, said: “It’s fantastic to see UK-Japan collaboration in action with Japanese firm Tokyo Century and UK-based Downing coming together to invest in the UK’s clean energy sector.
“Our clean energy industry is a key part of the modern industrial strategy, and this significant investment demonstrates that together we can drive economic growth and support industries of the future.”
To read the latest IPE Real Assets magazine click here.
