Lightsource Renewable Energy acquires residential portfolio

Lightsource Renewable Energy has completed the purchase of a 1.32MWp portfolio of residential solar installations.

The portfolio is comprised of 469 installations across the UK from Ecos Solar Nine in a deal valued at £2.3million.

As part of the deal, Lightsource will receive the Feed-In Tariff (FIT) payments from the installations and will manage the maintenance of the systems for the length of the FIT term. The latest portfolio, which has an average installation size of 2.8kWp, was introduced to Lightsource by real estate specialists Strutt & Parker.

Lightsource is looking to substantially invest into its residential rooftop portfolio over the next five years. The company is currently exploring opportunities to purchase both domestic and commercial systems in 2017. Lightsource has also recently launched a new buyback scheme that allows businesses and homeowners to realise a cash lump sum for their existing rooftop solar installations.

With the largest solar O&M fleet in Europe, at just under 2GW, the company has invested heavily in its best-in-class monitoring infrastructure, which allows its in-house team to monitor hundreds of thousands of PV systems. Clients can be assured that they will receive the best possible performance from their system in terms of electricity generation, carbon savings and financial savings on their energy bills.

Kareen Boutonnat, COO at Lightsource, said: “We are delighted to announce this latest portfolio acquisition as it marks an important step into our continued growth in 2017. We believe that decentralised energy is the future and offers consumers new levels of control, security of supply and value for money.”

“Managing a residential portfolio is not an easy task as it can be difficult to service lots of disparate systems with different components. However, over the last six years we have built up solid in-house expertise in finance, development, asset management and operations & maintenance, which gives us the perfect foundation for expansion in this area.”

“We have an exciting pipeline of projects on the horizon for the coming year, which will allow us to build on our reputation as a trusted partner that always delivers.”

Image Source: Lightsource Renewable Energy