21.04.2017

Adiant Capital Partners completes sale of Astley and Pen-Y-cae projects in the UK

Luxembourg, April 2017

Adiant Capital Partners announced the completion of the sale of the Astley and Pen-Y-cae solar parks to Rockfire Capital by Adiant Solar Opportunities I, the first European investment vehicle solely dedicated to financing the construction phase of solar assets globally. Including the sale of Astley and Pen-Y-cae, Adiant Solar Opportunities I built seven projects and successfully sold them to long-term owners upon commercial operation and delivered an IRR of 32% and a MOIC of 1.5x since starting investing in early 2013.

Rockfire Capital funded the acquisition with capital provided by the Warrington Borough Council and the London boroughs of Bexley and Newham.

The construction of the Astley solar park, located near Birmingham, and the Pen-Y-cae solar park, located near Wrexham, was funded entirely by equity invested by Adiant Solar Opportunities I. Both parks were connected under the 1.3 ROCs scheme and are 4.99MWp in capacity each.

Adiant awarded the EPC contract for the construction and engineering of both sites to bejulo GmbH and selected Risen modules and SMA string inverters, respectively.

The construction for both sites commenced in December 2015 and both projects were connected to the grid in March 2016 and as such were granted 1.3 ROCs/MWh by OFGEM.

Following the Brexit announcement, Adiant decided to expand the universe of potential buyers and engaged Pure Energy Ventures, a UK-based M&A boutique specialized in the renewable energy sector. Pure Energy Ventures ran a successful auction from which Rockfire emerged as the winning bidder.

Unlike in previous transactions, Adiant Solar Opportunities I S.A. therefore had the benefit of operating both projects for over 12 months.

Next to Pure Energy Ventures Adiant had engaged Orrick for all legal aspects of the transaction and Evergy Engineering GmbH for all technical aspects of the projects.

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