Aviva Investors has completed the acquisition of an 11.36MW portfolio of residential solar PV from Zouk Capital’s first infrastructure fund, Zouk Solar Opportunities Ltd (ZSOL).
The PV portfolio covers over 3,700 properties in the UK which were installed by free solar company, Freetricity. The acquisition builds on a previous deal which saw Aviva purchase an 8.6MW portfolio in July 2013.
Ian Berry, fund manager, Infrastructure & Renewable Energy at Aviva Investors said: “We see strong interest from clients in opportunities such as this, which combine Aviva Investors’ expertise and innovative approach with the underlying positive features of the assets themselves – reduced energy bills for homeowners and social housing tenants through renewable energy generation.”
Colin Campbell, partner, Zouk’s Infrastructure team added: “We are delighted to have completed the sale of the second ZSOL portfolio, one of the largest portfolios of free residential roofs in the UK, to Aviva Investors. These portfolios are an excellent example of why distributed solar PV is such an efficient method of power generation, has a strong carbon benefit and provides fuel poverty relief.”
The acquisition of the second solar portfolio takes Aviva’s total PV transactions to around 20MW of residential capacity with a value of approximately £76 million.