Hong Kongese renewable energy and technology company Plus Renewable Technologies has sold nine of its UK solar assets totalling 38.4 megawatts (MW) to Irish peer NTR plc for 54.6 million pounds ($70 million), including a deferred consideration amount of $2.9 million on satisfactory completion of certain conditions.
Plus Renewables said that these assets were developed in 2015 and 2016, after rigorous due diligence to ensure that they would be built on high priority sites with strong load fundamentals and efficient grid structures.
The solar assets were sold to NTR’s second sustainable infrastructure fund, NTR Renewable Energy Income Fund II which invests in onshore wind and solar assets across a number of European markets.
Renewable recently divested 10MW of UK Ground Mount solar assets and about 1.2MW of UK rooftop solar portfolio in the first and third quarter of 2018, respectively.