DIF Capital Partners has joined with Berlin-based IB Vogt to acquire seven ready-to-build co-located solar and battery projects from Enso Green Holdings Limited. DIF’s Infrastructure VII fund will have a 90% interest in the portfolio, which totals 720MW (380MW of solar and 340MW of battery storage). IB Vogt said it has broken ground on the first project, with 66MWp solar and 50MW battery storage and the second project, with 58MW solar and a 40MW battery, will start construction in April.
Anton Milner, chief executive of IB Vogt GmbH said, “The United Kingdom is an advanced solar energy market and battery systems are an increasingly important factor to support the transition to renewable-based electricity generation”.
The acquisition of each project will be completed once each site reaches the ready-to-build stage. The first two projects have already been acquired and the rest should follow by mid 2023. All are expected to become operational between 2024 and 2026. DIF and IB Vogt are raising non-recourse debt financing to fund construction.
DIF expects to sign contracts for difference (CfDs) or power purchase agreements (PPAs) with corporate or utility offtakers.