Lightsource bp has completed its largest UK solar project to date. Completion was followed by the sale of the solar farm and co-located energy storage project to specialist renewable investment manager Schroders Greencoat.
Lightsource bp will provide asset management and Operations and Maintenance (O&M) services for the solar project via its in-house O&M team.
Tiln Farm is a 49.9MWac solar project near Retford in Nottinghamshire and, now complete, is providing power to building products manufacturer Forterra via a long-term Power Purchase Agreement (PPA).
The signing of the PPA with Forterra in 2022 heralded the company taking significant steps to a sustainable future. Tiln Farm solar will provide the Northampton-headquartered brick, block, and concrete producer with around 70 percent of its electricity needs, in a sector-leading investment that will provide renewable energy to Forterra’s 17 sites for 15 years.
Construction on the project began in 2022, on what is the first Lightsource bp project globally to be co-located with energy storage, with a 25MW/50MWh (two-hour duration) battery also now operational onsite.
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.”
Matt Tingle, Investment Director at Schroders Greencoat, said: “We’re proud to continue to lead in renewable infrastructure with this investment. Co-located assets like this have an important role to play in balancing intermittent renewable energy generation, as well as delivering vital grid stability services. Sharing the same grid connection also helps to optimise increasingly scarce grid capacity as the UK transitions towards net zero.
“As the largest manager of operating ground mount solar farms in the UK, with around 1.9 GWp of solar assets under our management, this acquisition adds to our diverse UK portfolio. It will play an important part in meeting our investment objectives, helping to deliver long-term inflation-linked cashflows to our investors.”
Lightsource bp was advised by TLT and JLL throughout the process, and Schroders Greencoat was advised by Norton Rose Fulbright and Everoze.
