Innova Energy has competed the sale of its portfolio of 57 commercial rooftop solar PV assets in the UK.
Sold to an investment vehicle managed by Octopus Renewables, all of the solar installations benefit from feed-in tariffs.
The sale is an important milestone for Innova, the company said, with the company having aggregated a 65MW portfolio of UK solar assets over the last four years.
The competitive sale process highlighted continued strong market demand for long-term subsidies and inflation-linked cashflows, said Innova’s investment director Denis Sorkin.
“We were delighted to have worked with Octopus and their partners Zestec Asset Management on this transaction, which delivered an excellent total return on these assets for Innova.”
In November 2020, the company signed a joint venture with ReneSola Power to develop a pipeline of utility scale solar in the UK, aiming to continue the development of an existing 50MW pipeline as well as extending it by at least a further 50MW over the next couple of years.
Octopus Renewables, meanwhile, recently announced it is to acquire a portfolio of five Irish solar sites with an expected combined capacity of up to 250MW from Statkraft.
Peter Dias, investment director at Octopus Renewables said the company intends to continue its expansion in the rooftop PV sector, having a strong pipeline of opportunities for new build and acquisition with Zestec.