Investment manager Downing and Tokyo Century Corporation have agreed to jointly acquire and construct a 500MW portfolio of utility-scale ground-mounted solar projects in the UK.
The joint venture will acquire ready-to-build projects that have Contracts for Difference (CfD) arrangements in place. Projects will be sourced from Downing’s own development pipeline and from third party developers, targeting grid connection dates in 2027 and 2028.
Toshihiro Nakanishi, General Manager at Tokyo Century said: “We look forward to pursuing our first construction-led strategy and think that this opportunity is a compelling one.”
UK Minister for Trade, Sir Chris Bryant said: “It’s fantastic to see UK-Japan collaboration in action with Japanese firm Tokyo Century and UK-based Downing coming together to invest in the UK’s clean energy sector. Our clean energy industry is a key part of the modern Industrial Strategy, and this significant investment demonstrates that together we can drive economic growth and support industries of the future.”