Solar energy company Lightsource Renewable Energy and asset manager Blackrock have announced plans to jointly create a £1 billion portfolio of solar power assets in the UK.
The two companies will create a joint venture, known as Kingfisher, that will purchase operating utility-scale solar assets in the UK. Lightsource has seeded the partnership with 25 of its operating solar farms in the UK, with a combined capacity of 156 MWp.
Kingfisher is targeting a total portfolio of around 1 GW of assets, Lightsource said. The firm – backed by investment company Octopus – is already the largest player in the UK’s ground-mounted solar sector, with over 1 GW of installed capacity.
Lightsource will add a further 50 MWp of Northern Ireland ROC assets later this year, once operational.
“We are pleased to partner with Lightsource in the creation of this new UK solar portfolio,” said Rory O’Connor, Managing Director and Head of Renewable Power for Europe at BlackRock. “Over the last two years, we have invested in more than 20 solar projects in the UK representing nearly 150 MW of capacity on behalf of our clients, and we believe this market continues to present attractive opportunities for institutional investors.
“In working closely together with Lightsource as a leading developer and operator of solar projects we are confident to realize a lot of additional potential in the market.”