Enviromena is understood to have concluded a deal to take ownership of the 30 MW Steeraway solar farm in Shropshire, England from funds managed by re:cap global investors.

The project was among the successful entrants to the UK’s CfD allocation round six held in 2024 and was bought by the Reading-headquartered developer in late June, according to company records.

Re:cap secured a 15-year tariff during the contest at a strike price of GBP 50.07 per MWh (in 2012 prices) which equates to around GBP 71.74 per MWh in today’s money.

Steeraway, located near Telford, is set to move to commissioning by October 2026, according to data published by CfD administrator Low Carbon Contracts Company.

The project secured consent from national planning inspectors in May 2023, with the development stage handled by RE Projects Development. A High Court challenge by the local council against the approval was later dismissed.

Steeraway was understood to have been held in the EUR 290m FP Lux RE Infrastructure Opportunities fund prior to the sale. The vehicle reached final close in late 2022 and seeks a net IRR of around 7% for its investors.

Enviromena and re:cap were contacted for comment.

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