ICG, an alternative asset manager, announced that its debut Infrastructure fund, ICG Infra I (ICG Infra), has acquired British Solar Renewables (BSR), an integrated solar developer in the UK.

The financial terms of the acquisition were not disclosed. ICG Infrastructure Equity raised €1.5 billion (~$1.28 billion) in investor commitments in February this year, enabling the acquisition from Siem Europe.

The current management team of British Solar Renewables will remain and work alongside ICG to develop its existing pipeline. The company will continue its focus on renewable energy projects in the UK.

Since its inception in 2011, British Solar Renewables has developed, built, and operated nearly 1 GW of solar and energy storage projects in the UK and has plans to build and operate solar+storage assets in the UK.

Tim Humpage, CEO of BSR, commented: “We are pleased to work with ICG Infra to accelerate our development and expand our capabilities as we transition into one of the leading renewable IPP in the UK.”

“We are seeing more demand than ever for renewable energy sources, and with the support of ICG Infra, we will be able to scale our business with a shareholder that understands and is committed to funding renewables,” added Tim Humpage.

“Access to renewable energy is an important component of global climate efforts, and we are delighted to partner with BSR, providing capital to fund new solar projects, as we continue towards the Fund’s goal of investing in sustainable European infrastructure,” said Guillaume d’Engremont, Head of Infrastructure at ICG.

In 1H 2022, there were a total of 53 solar M&A transactions compared to 54 transactions in 1H 2021. In 1H 2022, the top deal was by Macquarie Asset Management, a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, which agreed to acquire Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of $2.72 billion.

U.S.-based solar modules manufacturer First Solar has entered into a definitive agreement with funds managed by PAG Real Assets, under which PAG will acquire a 293 MW utility-scale solar project development platform and a solar operations and maintenance (O&M) platform with approximately 665 MW under management in Japan.