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Innova progressing UK PV build-out

Innova Energy has taken its UK solar portfolio to over 31MW in size with the acquisition of 6.2MW of additional PV capacity.  

The group acquired the 1.2MW Majors Hill solar farm in East Sussex in December 2017, and followed this up with the purchase of the 5MW Drayton Mead solar farm in Buckinghamshire earlier this month.  

Both plants were connected to the grid in March 2016, qualify for 1.3ROC/MWhr, and were acquired from the same private investors. 

Innova Energy aims to deploy a total of GBP 100m in UK solar assets by the end of 2018, with backing from various high-net worth individuals, family offices and smaller institutions.   

Two-thirds of the portfolio is expected to comprise ROC projects, with the remaining assets – including rooftop solar – backed by feed-in tariffs.   

The group – which has previously sold circa 100MW of assets to Foresight Solar Energy Fund, Next Energy, Primrose Solar and Blackrock – may sell aggregated assets to an institutional investor at a later date. 

Innova Energy was advised on the acquisition by Gowling WLG (legal). 

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