Greencoat Solar II LP, Greencoat Renewable Income LP, Schroders Greencoat Wessex Gardens, funds managed by Schroders Greencoat LLP and Tokyo Century Corporation (TSE:8439) agreed to acquire 513.5 MWp solar portfolio of Toucan Energy on January 25, 2024. The majority of the portfolio will be acquired by long-standing Schroders Greencoat managed funds, including Greencoat Solar II LP and Greencoat Renewable Income LP, as well as recently launched mandates. A significant portion is being acquired by six Local Government Pension Schemes: Avon, Cornwall, Devon, Gloucestershire, Oxfordshire and Wiltshire Funds via Schroders Greencoat Wessex Gardens LP, a place-based and locally-focused renewable energy infrastructure fund established last year.

Tokyo Century is acting as a co-investor in the acquisition. Jim Tucker of Interpath Advisory acted as joint administrator to Toucan Energy Holdings. RBC Capital Markets acted as exclusive financial adviser, Mark Dennison, Alex Rogan, Ben Brown, James Lindop, Helen Mackey and Euan Smith of Eversheds Sutherland acted as legal advisor, PricewaterhouseCoopers LLP acted as accountant and Evergy acted as advisor to Schroders Greencoat LLP.

The joint administrators at Interpath Advisory were supported by KPMG LLP (M&A), Herbert Smith Freehills LLP (Legal), Interpath Advisory (Financial & Tax), Cornwall Insight Ltd (Commercial), The Natural Power Consultants Limited (Technical) and significantly by Toucan's management team.