Oxford Capital has announced the sale of a 6.7MWp portfolio of residential solar power installations to Spring Park Capital, a specialist renewable investor supported by British Solar Renewables and Scandinavian industrial conglomerate Siem Industries.
The portfolio consists of 2,367 separate solar installations located on residential properties throughout the South West of England, acquired by Oxford Capital’s Solar EIS investment fund in 2011 and 2012. The sale marks the divestment of a small proportion of Oxford Capital’s current portfolio of solar assets, which includes ground-mounted as well as domestic and commercial rooftop installations.
Oliver Hughes, Partner and Head of Infrastructure at Oxford Capital said, “This successful exit demonstrates Oxford Capital’s ability to aggregate, manage and sell high quality infrastructure asset portfolios, and we are delighted that we have been able to exceed our investors return expectations over the limited investment period.”
David Mott, Managing Partner at Oxford Capital, said, “This sale further validates our approach to infrastructure investing. We make all of our investments in renewable power and other forms of distributed energy in collaboration with first-class partners. And throughout the holding period, we aim to maximise yield through a relentless focus on optimising asset performance in order to deliver returns.”
Jeremy Milne, Founding Partner at Spring Park Capital, said, “This is the first in a series of strategic acquisitions for Spring Park Capital as we look to consolidate UK renewable power with our strategic partners British Solar Renewables.”
Angus Macdonald – Managing Director, British Solar Renewables, said “We continue to add renewable power production capacity to our portfolio of assets to complement our renewable power development capability”
The acquisition was financed by Macquarie Bank who have provided a finance facility to Spring Park Capital on undisclosed terms.