Lightsource bp, a solar project developer, announced the sale of the 49.9 MWac Tiln Farm solar and co-located 25 MW/50 MWh (two-hour duration) energy storage project to Schroders Greencoat, an investment manager dedicated to renewable infrastructure. The Tiln Farm project is located near Retford in Nottinghamshire, UK.
TLT and JLL advised Lightsource bp throughout the transaction, while Norton Rose Fulbright and Everoze advised Schroders Greencoat.
The project began construction in 2022. The operational project supplies clean electricity to Forterra, a Northampton-based brick, block, and concrete producer, under a 15-year power purchase agreement signed in 2022. According to Lightsource bp, the output from the Tiln Farm project will provide around 70% of Forterra’s electricity needs.
Lightsource bp will provide asset management and operations and maintenance (O&M) services for the solar project through its in-house O&M team.
Declan Keiley, Head of Business Development for the UK and Ireland at Lightsource bp, said: “We’re proud to have completed our first co-located energy storage project and largest solar project in the UK to date. The Tiln Farm project is a milestone for the company in many ways, and the ongoing partnership with Schroders Greencoat, as the project’s new owner, underscores Lightsource bp’s strong credentials as a trusted development partner.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, there were 113 solar project acquisitions totaling 18.5 GW in 1H 2024 compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
In August, JERA Nex, a renewable energy company headquartered in London and launched by JERA, announced the acquisition of two solar projects with a total capacity of 395 MW from Lightsource bp, a solar and energy storage project developer.
