26 Nov 2015 – Primrose Solar Management, a UK-based renewable energy developer, has hired Evercore to advise on the sale of a 184 MW portfolio of solar power farms, two sources familiar with the situation said.
All of the farms in the sale are operational, the people added. The portfolio comprises of the 16.9 MW Littlebourne Farm in Kent, Pashley Farm (11.5 MW) in East Sussex, Wilton Farm (9.5 MW) in Cornwall, Molehill (18 MW) in Kent, Southwick Farm (48 MW) in Hampshire, Canworthy Water (41 MW) in Cornwall, Race Farm (6.1 MW) in Dorset, Newton Farm (11.3 MW in Dorset, Garn Farm (7.4 MW) in the Vale of Glamorgan and Nova Scotia (13.9 MW) in Norfolk. All of these are newly operational and were connected to the grid in 2014 and 2015.
The rationale for the sale is balance sheet recycling, the first source said. The portfolio has a larger installed capacity than most solar assets, and is therefore likely to attract large institutional investors, he said.
In March 2015 Primrose announced power purchase agreements with French utility EDF Energy for 104 MW of its UK-based solar farms.
Primrose and Evercore did not respond to requests for comment.
by Katie McQue