Fengate has finalized the purchase of two solar parks, its first investment in the United Kingdom. The two solar parks were co-developed by Kinetica Solar and WElink Energy and are the 39 MW Raventhorpe site in North Lincolnshire, England and the 7 MW Roanhead site in Cumbria, England. Raventhorpe is the UK’s sixth largest solar park and the largest solar park in the Fengate portfolio. Fengate was advised on the transaction by TLT and Aurium Capital Markets Group. Macquarie provided the senior debt financing.
“As our first investment in the UK market, this is an opportunity to strengthen our relationships with market participants, such as Macquarie, Aurium Capital Markets and Kinetica Solar, while providing stable, long-term returns to our investors,” stated George Theodoropoulos, Managing Director and Head of Fengate’s Infrastructure investment business.
Both Roanhead and Raventhorpe began commercial operation in March 2015 and both will receive 1.4 Renewable Obligation Certificates (“ROCs”) per MWh of generation until the year 2035. The Raventhorpe project will sell power under a private wire agreement with a neighboring steel plant until its permanent grid connection is established; following which both projects will sell power and ROCs to Statkraft Markets GmbH. Combined, the two solar parks will potentially displace an estimated 29,000 tonnes of greenhouse gases annually. This is the equivalent of taking about 6,000 cars off the road per year or planting about 24,000 acres of trees.
The Fengate infrastructure team has built a robust portfolio of renewable energy projects in Ontario and British Columbia including solar, hydro and biomass facilities. This acquisition increases Fengate’s power generation assets to over 300 MW. The firm’s first power project overseas was Exmouth Power Station, a compressed natural gas power plant in Australia.