28th January 2020
Alder King advises on solar investment purchase from Harworth Group
Alder King, acting on behalf of leading solar company LightsourceBP, has advised on the acquisition of a portfolio of solar farms in Yorkshire, Nottinghamshire and Derbyshire for a total price of £5 million, representing a net initial yield of 4.61%.
The portfolio of seven sites, totalling 251 acres, was sold by the Harworth Group plc as part of its strategy to recycle capital into new assets. Each of the sites were former colliery sites which have been brought back into economic use, whilst making a significant contribution to the production of renewable energy.
This latest acquisition brings LightsourceBP’s investment portfolio to more than 35 individual assets with a total value of over £30 million.
Alder King’s energy team is exclusively retained by LightsourceBP to identify and secure opportunities for its specialist renewable energy portfolio. The Bristol-headquartered firm is now seeking further property investments created by the grant of leases to renewable energy projects including wind turbines, anaerobic digestion and battery storage.
Simon Smith, partner at Alder King, said: “This acquisition is a demonstration of the highly refined purchase model developed by LightsourceBP, offering landlords the very best value for money in a specialist market. We are proud to be associated with this transaction.”
Alder King’s energy team offers a range of specialist services including site identification, site acquisition, valuation, project management and rating advice.
The Harworth Group was advised by Savills in York.