Primrose Solar Divests Entire Portfolio of UK Solar Farms

World | Solar Energy

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Renewable energy developer Primrose Solar has now divested its entire portfolio of solar farms, having announced the sale of its five remaining UK solar assets yesterday.

The 80MW transaction has seen infrastructure investor Equitix acquire five sites from Primose Solar, all accredited under Renewables Obligation Certificates (ROCs).

These solar PV assets include: the 7.4MW Garn site in the Vale of Glamorgan, the 6.1MW Race Farm site in Dorset; the 11.3MW Newton site also in Dorset; the 13.9MW Nova Scotia site in Norfolk; and the 41MW Canworthy Solar Farm in Cornwall.

The transaction concludes the disposal of Primrose’s entire solar portfolio, with the firm having last week announced the sale of six sites totalling 78MW of capacity to Greencoast Solar I.

That sale included two solar farms in Leicestershire and Lancashire only first acquired by Primrose Solar as recently as December 2015, as well as the recently completed 49MW Evelely Farm site in Hampshire, which due to subsidy rule changes was described as “one of the last” new large scale solar farms in the UK.

Primrose Solar had in June secured a £42m debt refinancing deal for the Evelely Farm, just six months after purchasing the development from PS Renewables.

Meanwhile, back in January, the company sold 95MW of solar installations to the Bluefield Solar Income Fund, including its large-scale 48MW Southwick Estate solar farm in Hampshire.

With Primrose Solar having announced several sales of its solar assets throughout the year, the firm’s CEO Giles Clark said today’s announcement “shouldn’t come as any surprise”. “We’ve taken the view this year that the conditions are very good for disposal and we’re very happy for the transaction to be done,” he told BusinessGreen.

“This for us is a very satisfactory end to an investment cycle,” he added. “This is a year in which we were able to sell the assets to people who we think are good long term owners at a value that works for us and for them.”

Clark said he was now looking at future development opportunities for the firm, but gave no specific details.