Blackfinch Group

Blackfinch Energy acquires largest solar farm to date

25MW Three Maids Solar Farm near Winchester further strengthens Blackfinch’s renewable energy portfolio and ESG credentials

Blackfinch Energy is pleased to announce the acquisition of a new solar site that now forms part of its growing energy portfolio. Three Maids Solar Farm, located near Winchester in Hampshire, is a 25 megawatt (MW) solar asset and, with the project now in construction, is expected to start generating electricity as soon as July 2022.

The site has been acquired from Enviromena, one of Europe’s leading clean energy solutions providers, who developed, will construct, and who will also provide long term operations and maintenance services to the project, once operational. The development and construction of the project has been part funded by Close Brothers Leasing UK, a leading renewable energy lender.

The continued expansion of Blackfinch’s renewable energy portfolio is a key component of the group’s commitment to environmental, social and governance (ESG) and sustainability, and furthers Blackfinch Energy’s position as one of the UK’s leading renewable energy investors.

Blackfinch Energy’s portfolio stands at 96.5MW of installed capacity (operational, under construction and development) across 51 individual installations and 18 project companies. Total generation capacity is approximately 159 Gigawatt-hours per annum. The portfolio is invested exclusively in ground-mount solar photovoltaics (PV), rooftop solar PV, and onshore wind assets. This ensures the portfolio has strong exposure to some of the lowest-risk renewable energy generating technologies.

Blackfinch Energy was advised by TLT LLP (Legal) and The Renewables Consulting Group Ltd (Technical).

Guy Lavarack, Investment Director at Blackfinch Energy, said: “We are delighted to have acquired Three Maids Solar Farm, another significant solar asset, that continues our strategy of investing in high quality renewable energy projects. We are pleased to be working with Enviromena who will be a long-term partner for us in relation to this asset.

Chris Rodgers, Head of Energy at Close Brothers, said: “We are pleased to be providing funding for the acquisition of Three Maids Solar Farm and supporting a strategic client with a strong management team. The financing and support of subsidy free renewables is imperative as we try and meet challenging carbon reduction goals.

Antonia Silvestri, partner at TLT, said: “The solar market in particular remains competitive, with a continued trend for downstream investment as Blackfinch have done here. We are expecting that the commitments to net zero arising from COP26 will accelerate deployment and bolster what is already a busy market – for example, we are currently involved in over 4GW of solar coming through the pipeline.

Our long-term relationship with Blackfinch and in-depth knowledge of the clean energy sector meant that we were well attuned to their approach and were able to work quickly and effectively to support them with this transaction. This deal showcases Blackfinch’s appetite to build its renewable portfolio and we look forward to continuing to support their ambitions.

Cabell Fisher, CEO of Enviromena, said: “The development and subsequent sale of the Three Maids project to Blackfinch Energy represents a major milestone in Enviromena’s history as we have now proven that our team can develop attractive, bankable renewable projects in key European markets, and this is only the first site of the 500MW Enviromena has under development across Europe at the moment. We are thrilled to have such a well-known and respected partner as Blackfinch Energy give us their vote of confidence that Enviromena’s team can successfully and safely deliver results for our partners.

Adrian Pike, Chairman of Enviromena, said: “I am very proud of the Enviromena team for achieving this great milestone and for selling the Three Maids development to such a well-established and respected renewable fund manager as Blackfinch Energy. Both myself and Enviromena’s sole shareholder, Arjun Infrastructure Partners, are pleased with how the business has now transitioned from a basic and traditional EPC business to a fully-integrated, bankable renewable solution developer in Europe and the Middle East.