Canadian firm Fengate Capital Management have purchased two solar parks in the UK totalling around C$110 million (£55 million).
The first of the two parks is Raventhorpe site in North Lincolnshire is 39MW has become the Fengate’s largest solar installation. The second produces 7MW on Roanhead site in Cumbria and both have been generating power since March 2015.
Raventhorpe site cost £48 million and can be located near Tata Steel’s Scunthorpe plant. The park being developed by Kinectica Solar; they were able to arrange a deal which allows Tata Steel to buy electricity from the site in order to meet its renewable energy procurement strategy.
Managing director and head of Fengate’s infrastructure investment business, George Theodoropoulos stated: “As our first investment in the UK market, this is an opportunity to strengthen our relationships with market participants while providing stable, long-term returns to our investors.”
With these recent purchases, this continues to show Fengate’s growing portfolio of renewable energy projects. This includes solar, hydro and biomass facilities which now takes its power generation assets to over 300MW.