Ingenious Clean Energy has announced the sale of its 64MW solar portfolio to Magnetar Solar (UK) Ltd.

Commenting on the deal, Sebastian Speight, managing director of Ingenious Clean Energy said: “We are very pleased to complete the successful sale of our operating solar portfolio to Magnetar Solar. With this transaction now complete, we can now focus on our expanding activities in developing, constructing and acquiring further renewable generation assets.”

The operating portfolio is composed of five projects ranging in size from 7MW to 24MW, with a total peak power capacity of 64MW.  Four of the five assets were developed and constructed by Anesco with the remaining project developed by ARG Renewables and constructed by Hanwha Q CELLS.

“The government determined that solar energy needs to be a significant component of the UK’s mix of energy sources, and it has developed a strong market to support that goal,” said Alan Shaffran, head of Magnetar's fixed income business in Europe. “We're excited about the opportunity to invest in the UK market, adding to our solar portfolio. We view this business as an attractive source of stable returns.”