UK investment manager Gresham House has acquired a 50MW solar farm in Lincolnshire from renewable developer Anesco, as part of a three-year development and construction partnership valued in excess of £100 million ($140 million).
The 50MW Low Farm is the first project to transact under the partnership. Located near the Skegness district in Lincolnshire, UK, it covers an area of 60-hectares and will be capable of generating enough clean energy to power around 13,500 homes, while helping to save 12,000 tonnes of carbon emissions annually.
The acquisition is the result of a partnership announced earlier this year between Anesco and Gresham House. The partnership aims to develop a 200MW ground-mounted solar PV portfolio in the UK and will see projects developed across the country ranging in size up to 50MW.
Construction of Low Farm is expected to begin next year in accordance with grid connection timetables. The site will have a lifespan of 40 years, after which time it will be returned to its natural state.
Sarah Hitchcox, business development director at Anesco, commented: “Low Farm is the first large-scale solar project we’ve advanced to the investment-ready stage as part of our partnership with Gresham House, with a second site soon to follow.”
Low Farm will benefit from significant ecological enhancements, which could result in an estimated biodiversity net gain of more than 130%. These plans include the creation of wildflower meadows and habitats that are specially designed to support some of the UK’s most at-risk species.
Wayne Cranstone, Gresham House Investment Director, said: “We are pleased to be acquiring another large scale, sensitively developed solar park from Anesco to add to our portfolio. This is the first one under our new partnership with Anesco and it is particularly pleasing to see the environmental benefits the development brings which are important given our focus on environmental, social and governance matters.”
As well as developing the solar sites, all engineering, procurement and construction will be handled by Anesco, with the company also providing long term operations and maintenance once the sites are energised.