London-based Schroders Greencoat has taken a 50% stake in a US solar portfolio of renewable energy developer Jera Nex.

The portfolio includes the 300-megawatt Oxbow Solar Farm, the largest in the state of Louisiana, and the 95MW Happy Solar Farm in Arkansas.

Nomura Greentech acted as exclusive financial adviser to Jera Nex.

Both projects are in commercial operation in the Midcontinent Independent System Operator ( Miso ) region and benefit from long-term power purchase agreements. Oxbow Solar Farm provides renewable energy to corporate customers, including eBay, while Happy Solar Farm provides clean power to Conway Corp, a city-owned utility system in Conway, Arkansas.

Jera Nex, which acquired both projects from Lightsource BP last year, says bringing Schroders Greencoat on board as a partner marks the start of a long-term relationship. Schroders Greencoat’s experience across its extensive portfolio of renewables and energy transition investments, with about 7 gigawatts of installed capacity across multiple technologies in Europe, the United Kingdom, the United States, and Asia, will complement Jera Nex’s capabilities. Current asset management as well as operations and maintenance support for both projects will remain in place.

Shared vision

“Schroders Greencoat’s global operational experience complements our own, and we have a shared vision for long-term ownership of renewable energy assets in the US that sets us up for continued success," comments Richard Scott, vice president for operations at Jera Nex. "This new partnership adds to the momentum we have built in the US following the acquisition of Oxbow and Happy last year and our partnership with Catalyst Energy Partners.”

Schroders Greencoat North America CEO David Boyce adds: “This acquisition marks an important milestone for us as we build our portfolio of assets in the US market. There is clear appetite from investors to invest in the North American energy transition, and this transaction underscores our commitment to meeting this client demand.”

Jera Nex is an onshore renewable energy developer launched by Jera, Japan’s largest power generation company. Headquartered in London, and with a global remit, the company has a portfolio of onshore renewable assets including wind, solar, and battery storage, in the Middle East, Asia, and North America.

Jera Nex is also a 50% shareholder in Jera Nex BP, JERA’s joint venture with BP, focusing on offshore wind.

Schroders Greencoat is the specialist energy transition infrastructure manager within Schroders Capital. Founded in 2009, the firm has deployed around US$19 billion on behalf of clients investing in wind, solar, bioenergy, and other energy transition assets in the UK, Europe, and the US. Projects at various stages have an aggregate capacity of around 7.7GW.