DIF Capital Partners acquires 720-MW solar, storage portfolio in UK

Dutch Infrastructure Fund BV and ib vogt GmbH agreed to acquire a 720-MW greenfield portfolio of colocated solar and battery projects in the U.K. from Enso Green Holdings Ltd., a joint venture of Cero Generation Ltd. and U.K.-based renewables developer Enso Energy.

The ready-to-build portfolio comprises seven sites consisting of 380 MW of solar and 340 MW of battery energy storage, the Dutch Infrastructure Fund, also known as DIF Capital Partners, said in a Feb. 23 news release. Ib vogt will provide solar engineering, procurement and construction as well as operations and maintenance services, the release said.

The acquisition of each project will be completed once each site reaches the ready-to-build stage, with two projects having already been acquired, the fund said. All projects are expected to be acquired by the middle of this year and are slated to start operations between 2024 and 2026, the release said.

DIF Capital Partners and ib vogt are in the process of raising a nonrecourse debt financing facility to fund the construction of the portfolio, according to the release. The portfolio is expected to benefit from contract-for-difference transactions or power purchase agreements with corporate or utility off-takers.

"This transaction perfectly fits in DIF's build to core strategy and will make a significant contribution to the U.K.'s efforts to achieve net zero by 2050," said Gijs Voskuyl, partner and head of infrastructure at DIF Capital Partners. "It represents DIF's first direct investment into the asset class of utility-scale energy storage, which is an essential component of future electricity markets."

DIF Capital Partners was advised by Elgar Middleton, Lazard and CMS. Enso Green Holdings was supported by PKF and TLT through the transaction.

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