Fengate Capital has purchased two solar PV arrays in the UK with a combined capacity of 45MW.
One project of 7.1MW is located at Roanhead in Cumbria and the other 38MW project is sited at Raventhorpe, Scunthorpe.
The projects form the first foray into UK renewable energy for Fengate Capital, a Canadian investment management company. They were developed by a partnership of Qinetica Solar and WeLink.
Fengate has been advised on the acquisition by UK law firm TLT led by banking and finance partner Gary Roscoe, who said: “In a sector that is facing challenging times, a deal of this size sends a clear message to investors that there are significant and viable opportunities in the UK’s solar industry.
“We’re delighted to have advised Fengate Capital on all aspects of the acquisition and bank financing process.”
Fengate Capital vice president Mac Bell said: “To have completed our first acquisition of two renewable energy projects in the UK is fantastic. The specialist support provided by TLT proved invaluable in getting a complex acquisition and funding structure successfully completed.”
EY acted as financial advisor to the project developers.
Image: Morguefile
Fengate buys two solar plants
Roanhead and Raventhorpe are first UK RE projects for Canadian investors
By EBS