UK-based Lightsource Renewable Energy and global investment giant BlackRock Real Assets have announced a strategic partnership to acquire solar power generation assets in the UK.

As part of the agreement, the two companies target to acquire and own solar plants based in the UK.

The new partnership named “Kingfisher” will be aimed at acquiring UK solar power generation assets with an estimated aggregate enterprise value of £1bn.

The partnership targets to acquire a total of 1GW in installed capacity. The plan is to consolidate the secondary solar market in the country.

Lightsource has seeded partnership of solar plants with a total installed capacity of 156MW and it plans to further add 50MW of Northern Ireland ROC assets later this year.

Over the next three years, Lightsource and BlackRock Real Assets will target the acquisition of operational utility scale solar assets in the UK.

The partnership Kingfisher is claimed to have a levered and unlevered strategy, with seed assets receiving funding under the levered structure. 

BlackRock managing director and Europe renewable power head Rory O’Connor said: “We are pleased to partner with Lightsource in the creation of this new UK solar portfolio.  Over the last two years, we have invested in more than 20 solar projects in the UK representing nearly 150MW of capacity on behalf of our clients, and we believe this market continues to present attractive opportunities for institutional investors.

“In working closely together with Lightsource as a leading developer and operator of solar projects we are confident to realize a lot of additional potential in the market.”


Image: Lightsource and BlackRock Real Assets sign £1bn solar investment partnership. Photo: Courtesy of Lightsource Renewable Energy Holdings Limited.