News / BBIP acquires tenth solar park in UK

BBIP acquires tenth solar park in UK

🕔 February 4, 2014
Starwood Energy raises US$854 million for new infrastructure fund

Balfour Beatty Infrastructure Partners LP (BBIP) announced on Friday that its wholly owned portfolio investment company, McEwan Power, has entered into a definitive agreement for its tenth acquisition of ground mounted operational UK solar assets. Following this acquisition McEwan Power will consist of ten operating solar parks throughout the southern parts of the UK, with a total capacity of 71MW.

In March 2013, BBIP acquired three operational UK solar projects from UK based renewable energy developer, Anesco Ltd to form McEwan Power. Subsequently, BBIP has acquired a further seven solar parks from a combination of Anesco, and also the UK arm of the BELECTRIC Group, a solar developer headquartered in Germany. BELECTRIC and Anesco will continue to provide operational support to the portfolio under long term contracts.

Rob Gregor, Managing Partner for BBIP, commented:

"We are pleased to deliver on our stated strategy for this investment company of building out a diversified, operating and defensive portfolio asset for the BBIP fund."

These acquisitions for BBIP follow the recent announcement of BBIP's first North American investment, Upper Peninsula Power Company (UPPCO). BBIP recently entered into a definitive agreement with Integrys Energy Group, Inc. to purchase 100 percent of the stock of UPPCO, a regulated electric utility business in Michigan.

BBIP is an infrastructure equity investment fund with offices in London and New York focusing on investments in utilities, energy and transport infrastructure in the United States, Canada and Europe.

According to a Securities and Exchange Commission (SEC) filing of January 8th, 2014, the fund has raised US$469 million. In January 2013 the BBIP fund reached first close with US$317 million of commitments, of which Balfour Beatty has committed US$110 million. In February 2013, the commitments increased to US$420 million.

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