ICG Infrastructure Equity is preparing the sale of UK and Australia-focused developer & IPP British Solar Renewables, it is understood.

The group, which acquired a majority stake in BSR in July 2022, appointed Macquarie Capital as its financial advisor to run the transaction over the summer, according to market sources.

BSR currently has six solar projects under construction, with 700 MW expected to be in operation by Q1 2028 and 900 MW in operation later the year should it be be successful in winning appeals for three outstanding planning applications totalling 120 MW of installed capacity, company chief executive Tim Humpage told NPM in an interview at the end of July.

BSR-owned projects took just under 10% of UK solar capacity awarded in AR6 in 2024, making it the largest solar winner.

It is preparing up to 120 MW of installed capacity across four projects for submission into CfD Allocation Round 8 (AR8) this autumn.

It is currently also in the latter stages of negotiating corporate PPAs for its 49.9 MW Knowl Green and 19 MW Dengie solar projects.

BSR also continues to look to grow acquisitively, most recently in Q2 acquiring the RTB 56 MW Breden solar project in Essex from InfraRed Capital Partners.

It secured a mezzanine financing facility of GBP 130 m from Eiffel Investment Group at the end of Q2 which could in part be used to fund further acquisitions of RTB projects.

BSR expects batteries to become an increasingly important part of its portfolio, with four of its 13 current construction-stage projects including AC-coupled storage, Humpage said at the end of July. New developments are designed around four-hour DC-coupled batteries, he added.