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Lux Nova are proud to have supported Alpha Real Capital (“Alpha”) on its largest solar PV transaction to date. Alpha, the specialist manager of secure income real assets, completed the acquisition of Innova Energy Ltd, a multi-asset operating portfolio, in December 2021.
The addition of the 61.5MW portfolio takes Alpha’s annual low carbon electricity generation to circa 540 GWh, equivalent to powering 186,000 homes. List Solar News has reported a valuation of £86m for the portfolio.
Alpha was advised on the acquisition by Lux Nova Partners (English law), Moore Kingston Smith (tax and financial), ITPEnergised (technical), Mills Selig (Real Estate) and Harper Macleod (Scots law).
The Lux Nova team was comprised of a 3-Partner strong team, led by Nikola Zahariev (Due Diligence, M&A, Finance and Derivatives), together with Louisa Cilenti (Due Diligence, Corporate PPAs and Project Development) and Stephen Lister (Due Diligence and M&A).
Nikola Zahariev, transaction lead at Lux Nova Partners, said: “We are very pleased to have supported Alpha all the way from bid stage to successful completion of this strategic acquisition. This diverse portfolio is representative of the many facets of renewables generation in the UK today, all of which come with their own opportunities and challenges. Whether it be legacy ROC/FiT regimes, zero subsidy generation, corporate PPAs, grid sharing, or greenfield development opportunities at scale – all of them will be needed to move the needle towards our climate change goals. We look forward to continuing our collaboration with Alpha’s investment team, led by Will Morgan.”
Among the highlights of the transaction was the diverse nature of the portfolio that was diligenced by Lux Nova. It was recently project financed by Nat West, comprises the corporate PPA for Coca-Cola’s largest European bottling plant, in Wakefield (see links here and here), and a rooftop corporate PPA for Greenyard’s frozen peas packaging plant in Boston (here).
Will Morgan, Head of Renewables at Alpha Real Capital said: "We are delighted with the addition of this portfolio, that takes our renewables assets to 340MW. Following a strong market recovery we anticipate remaining active in the market as we continue to source opportunities that will deliver the UK’s energy transition.”
The transaction received press coverage from numerous news sources:
https://realassets.ipe.com/news/alpha-real-capital-buys-86m-uk-solar-portfolio/10057582.article
https://renewablesnow.com/news/alpha-real-capital-buys-615-mw-solar-portfolio-in-uk-770358/
https://renews.biz/75119/investment-manager-acquires-62mw-uk-solar-portfolio/
https://aronhealth.com/alpha-real-capital-buys-61-5-mw-solar-portfolio-in-uk/
Alpha real capital acquires £86m UK solar portfolio (electronicspecifier.com)
https://www.built-environment-networking.com/news/alpha-real-capital-acquires-86m-energy-portfolio/
https://www.poandpo.com/companies/alpha-real-capital-acquires-innova-energy/
