Renewables investor Greencoat Capital has raised £262m (€297m) for its second solar fund, which closed this month.
The Greencoat Solar II fund will be used to acquire and manage a portfolio of “mixed- scale, ground mount solar PV in the UK”, the company said.
Investors include major UK corporate pension funds and the close brings total investment in the company’s solar funds to over £560m.
The Greencoat Solar I fund closed in September last year having raised £295m. By the end of August, the first fund had invested about £260m in 21 solar projects ranging in size from 5MW to 50MW and with total capacity of over 200MW.
Greencoat Capital managing partner Richard Nourse said: “Renewables are no longer on the periphery of UK pension fund asset allocations, they are becoming mainstream investments for major funds.
“Many secure income markets are starting to feel quite crowded but the opportunity for solar to deliver at a substantial premium remains attractive.”
Image: Pixabay
Greencoat swells solar coffers
£262m raised in second PV fund, bringing total investment in sector to £560m
By EBS