Schroders & Innova form UK solar-storage partnership

April 6, 2023

Schroders Greencoat LLP and Innova Renewables Limited have entered into a strategic partnership to construct and operate solar energy generation and battery storage projects across the UK. 

Under the terms of the deal, Innova and funds managed by Schroders Greencoat have established ISG Renewables. 

The partnership aims to finance and develop 5GW of renewable energy capacity over the next three to five years, building on the current Innova distribution connected pipeline of 1.5GW across solar and storage. 

ISG Renewables’ first acquisition is Carn Nicholas Solar Park, a 10MWp solar farm in Swansea, Wales, developed and constructed by Innova Renewables. Having completed construction in early 2023, the project has been energised and is now operational. 

ISG Renewables will target a proportion of contracted revenues through CfDs, private wires, and corporate PPAs, with a further two sites to be acquired which are expected to soon become operational and a further three in design and procurement in 2023.

In parallel to the existing development pipeline, ISG Renewables aims to acquire third party-developed projects across the development lifecycle to augment its development and construction pipelines, to deliver an operational portfolio which meets the partners’ shared ambitions.