UK renewables newbie Evolution Power is partnering with Finnish sustainable investment group Korkia to fund the development of its initial pipeline of about 1GW of clean power projects.
Evolution Power is led by Giles Frampton and Conor McNally and has a development programme of solar and other renewables with target volumes of 2-3GW in total in the UK.
Frampton and McNally have experience of developing and financing major UK renewable projects at British Solar Renewables and Macquarie Bank, respectively.
Korkia is an experienced solar energy investor, active in the Nordics, UK, Chile and Spain, developing and managing assets of more than €700m.
Frampton said: “We are delighted to partner with Korkia, whose goals and principles very much align with our own.
“This investment should allow us to develop 2-3GW of solar in the UK over the next few years, which will help the UK achieve its target of net zero by 2050.”
Korkia SVP of new business Mikko Kantero said: “Korkia has ambitious targets to develop several GW of renewables in Europe over the next five years.
“We aim to create opportunities for strong growth in the sector, by partnering with skilled and ambitious local development teams such as Evolution Power.”
The transaction was arranged by RSF Capital Partners, a co-sponsor partner of Korkia, which also participated in the deal.
Evolution Power was advised on the transaction by Brachers and Korkia was advised by TLT.