Fengate Capital Acquires Two UK Solar Plants for US$82 Million

Canada’s Fengate Capital Management has finalized the purchase of two solar parks for US$82 million, its first investment in the United Kingdom.

The two solar parks were co-developed by Kinetica Solar and WElink Energy and are the 39-megawatt Raventhorpe site in North Lincolnshire, England and the 7-MW Roanhead site in Cumbria, England. Raventhorpe is the UK’s sixth largest solar park and the largest solar park in the Fengate portfolio. Fengate was advised on the transaction by TLT and Aurium Capital Markets Group. Macquarie provided the senior debt financing.

“As our first investment in the UK market, this is an opportunity to strengthen our relationships with market participants, such as Macquarie, Aurium Capital Markets and Kinetica Solar, while providing stable, long-term returns to our investors,” said George Theodoropoulos, managing director of Fengate’s Infrastructure investment business.

Both Roanhead and Raventhorpe began commercial operation in March 2015 and both will receive 1.4 Renewable Obligation Certificates per MWh of generation until the year 2035. The Raventhorpe project will sell power under a private wire agreement with a neighbouring steel plant until its permanent grid connection is established; following which both projects will sell power and ROCs to Statkraft Markets.

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