Solar developer SPI has sold its entire stake in the Grange Farm solar project to an investment fund managed by the infrastructure group at investment managers Blackrock.
SPI subsidiary SPI China has sold the entire issued share capital of Grange Farm holding company Solar Park Developments 3 Ltd to Blackrock Renewable Income UK Fund, forming part of what Rory O’Connor, managing director at Blackrock said was a “significant investment programme” in UK renewables.
Xiaofeng Peng, chairman at SPI, said the company was pleased to partner with Blackrock for the sale. “We believe this transaction is a testament to SPI's growing track record of delivering bankable solar power solutions in the UK market and globally,” Peng added.
Grange Farm is located in Kirkby on Bain, Lincolnshire, and completed construction prior to the April’s 1.4 ROC deadline, meaning that it will be eligible to receive Renewable Obligation Certificates at the 1.4 ROCs/MWh rate for the next 25 years.