The joint administrators of Toucan Energy Holdings 1 Limited (‘TEH1’) announce today that they, alongside their M&A advisors at KPMG, have formally launched the sales process for the Company’s portfolio of solar farms.
Jim Tucker, David Pike and Kristina Kicks of Interpath Advisory were appointed joint administrators to Toucan Energy Holdings 1 Limited on 10 November 2022.
The Company owns a large portfolio of 53 solar parks with a combined capacity of 513 MW - around 5% of UK utility-scale capacity - located across England, Wales and Northern Ireland.
Jim Tucker, managing director at Interpath Advisory and joint administrator, said: “This is the largest portfolio of UK operating solar PV assets ever to come to market. After substantial preparation of the assets for sale, we are delighted to commence the sales process for this highly cash generative portfolio.
“Assets of this scale and quality do not come to market very often, and we have already seen early interest from leading UK and international infrastructure and renewable energy investors. Those investors are particularly interested in TEH1’s long term, index linked, contracted revenue, which is underpinned by subsidy mechanisms which are closed to new renewable projects. Indeed, TEH1’s pre-tax operating cashflow is forecast to be £100 million in 2023.
“We are currently targeting completion in the second half of 2023, and look forward to reaching a successful conclusion on behalf of the Company’s creditors.”
