Renewable energy project acquired for £5m
The site of a fully consented renewable energy project including a solar asset and battery storage has been acquired for approximately £5m from EQUAN the rebranded name of Engie Renewables by Bluefield Solar – a UK fund focused on acquiring and managing UK-based renewable energy and storage projects.
The project which is located in north east Lincolnshire is expected to begin construction in 2022 at the same time as the UK fund’s Yelvertoft solar project.
The deal follows an oversubscribed equity raise of £103m in July, and was announced today alongside a £63m deal for 109 small scale onshore wind turbines located across the UK.
John Rennocks, chairman of Bluefield Solar, said: “Following strong support from our shareholders in the recent oversubscribed equity raise, we are delighted to have completed the acquisition of the 109 wind turbines, as well as our first co-located solar and energy storage project.”
He added that the investment in north east Lincolnshire is the company’s first investment in energy storage and that the “board views this as an attractive source of diversification for our income”.
