Lightsource Renewable Energy, a British solar energy company, has added 1.32 MWp of residential U.K. solar PV capacity to its portfolio following the purchase of 469 installations from Ecos Solar Nine.
In a deal valued at £2.3 million ($2.87 million), Lightsource has taken the first step towards building a large residential rooftop solar portfolio over the next five years. The firm, which is Europe’s largest solar company in terms of solar capacity deployed, will receive the FIT payments due on each of the rooftop installations, while managing their operations and maintenance (O&M) for the duration of each FIT term.
Lightsource currently has an O&M fleet of around 2 GW in Europe, and is seeking opportunities to add further domestic and commercial rooftop systems to its portfolio this year. Homeowners and businesses in the U.K. that already have a solar system installed can realize a cash lump sum from their existing installations by selling the rights to the FIT to Lightsource.
However, this latest acquisition is a bulk-buy of existing systems, averaging 2.8 kWp per rooftop. Real estate firm Strutt & Parker acted as facilitator in the deal.
“This latest portfolio acquisition marks an important step into our continued growth in 2017,” said Kareen Boutonnat, Lightsource COO. “We believe that decentralized energy is the future and offers consumers new levels of control, security of supply and value for money.”
Boutonnat added that Lightsource has a pipeline of projects lined up for the coming year.