Investment manager Downing has completed the acquisition of a 35MWp operational ground mount solar asset located in Sleaford, Lincolnshire, for £28m.
The English solar plant is forecast to generate 36GWh per year and has been operational since July 2023.
Downing’s internal infrastructure asset management team will now be overseeing the operation and maintenance of the asset.
The asset benefits from an inflation-linked 15-year contract for difference (CfD) with the Low Carbon Contracts Company (LCCC), commencing in 2025.
The CfD swaps merchant power price for a fixed price during this period, acting as a safeguard against energy market uncertainties and merchant power price risk.
Downing investment director Sean Moore said: “We are immensely proud to announce the acquisition of this UK solar asset, which will contribute to further growth and diversification of our energy and infrastructure portfolio.”
The company purchased the asset from NextEnergy. It was advised on the acquisition by Osborne Clarke, PKF and RINA.
Downing’s Energy and Infrastructure team has made more than 200 investments and has £900m of assets under management in the solar, wind, hydro and battery storage sectors.