Low Carbon has granted a bidding party exclusivity to negotiate the acquisition of a circa 500 MW portfolio of consented and late-development stage UK solar PV and battery storage projects, it is understood.

The group, which is working with financial advisor Alvarez & Marsal on the deal, took binding offers in mid-September.

Downing LLP is the company mooted to be in final talks for the portfolio, although both Downing and Low Carbon declined to comment and no deal has yet been confirmed.

Up to three parties are believed to have submitted final offers last month.

TotalEnergies previously in June 2025 acquired a 435 MW UK solar PV & BESS portfolio from Low Carbon, with a number of the projects in that transaction also having secured CfDs.

Downing has a tie-up with Japan-based investor Tokyo Century through which the two are currently building out around 500 MWp of UK solar by 2028.

Low Carbon’s current 500 MW portfolio on the market is believed to include the three solar PV projects for which the investor secured 20-year CfDs in allocation round 7 in Q1.

These comprise: Grantham, developed by Low Carbon Solar Park 38 Ltd, with a capacity of 33 MW; Stowmarket, developed by Low Carbon Solar Park 27 Ltd, with a capacity of 20 MW; and Tonbridge, developed by Low Carbon Solar Park 20 Ltd, with a capacity of 6 MW.

All three secured CfDs at a strike price of GBP 65.23 / MWh (2024 prices) and have a 2028/29 delivery year.