Renewable energy investment company Low Carbon has announced that it will collaborate with Macquarie Capital on a solar farm portfolio of up to 300MW.

The arrangement will see Macquarie provide construction funding to investment-ready solar farms across the UK. The first phase of the collaboration will oversee the construction of three solar farms totalling 25.7MW of capacity. The projects will be based in Cornwall and Wales and represent a total investment of £29 million.  

Commenting on the partnership, Mark Dooley, head of development Capital at Macquarie said: “The collaboration with Low Carbon in relation to construction funding of their pipeline of UK solar projects demonstrates the ongoing commitment that Macquarie Capital has to finance power and renewable energy businesses in Europe. We are delighted to be able to support the Low Carbon team to build out their development pipeline and hope to continue to support management to achieve their wider strategic aims through this phase of rapid growth.”

John Cole, chief investment officer at Low Carbon added that the transaction served to highlight the company’s continued growth in the sector, building on the 160MW of solar farms it has previously developed across the UK.

He said: “Low Carbon aims to direct investment into projects that not only provide returns to investors, but also offer a sustainable energy alternative to fossil fuels. We have a pipeline of future projects under development and look forward to continuing our successful collaboration with Macquarie Capital with the aim of making an impact on climate change.”

Construction of the first phase of solar farms is expected to start imminently, with sites scheduled to be operational and connected to the grid from February 2014.