Downing and Tokyo Century have agreed to jointly acquire and construct a c500MW portfolio of utility-scale ground-mounted solar projects in the UK.
The companies said the joint venture will buy ready-to-build assets with Contracts for Difference in place.
They added that projects will come from Downing’s development pipeline and third party developers, with grid connections targeted for 2027 and 2028.
“It’s fantastic to see UK-Japan collaboration in action with Japanese firm Tokyo Century and UK-based Downing coming together to invest in the UK’s clean energy sector,” said UK minister for trade Sir Chris Bryant.
“Our clean energy industry is a key part of the modern industrial strategy, and this significant investment demonstrates that together we can drive economic growth and support industries of the future,” Bryant added.
“We are very pleased to continue our global renewable energy investment programme and were impressed with Downing’s capabilities and the UK market opportunity,” said Toshihiro Nakanishi, general manager at Tokyo Century.
“We look forward to pursuing our first construction led strategy and think that this opportunity is a compelling one,” Nakanishi stated.
“Tokyo Century is an enormously experienced investor and their commitment is a strong endorsement of both our capabilities and the strength of the UK renewables market,” said Tom Williams, head of energy and infrastructure at Downing.
“By combining our in-house expertise across development, construction and asset management, we are confident this partnership will deliver meaningful capacity, create long-term local employment and benefits and support the UK’s transition to a resilient, low-carbon energy system,” Williams added.
KPMG acted as sole financial advisor on the transaction.