Market news · March 2026
A major acquisition shows this market is maturing fast
In March 2026, the Australian land specialist RELA completed the acquisition of a large portfolio of UK renewable energy lease interests, backed by funds managed by Oaktree Capital Management and Macquarie Asset Management. It's one of the clearest signs yet that lease capitalisation has moved from a niche idea to a serious, well-funded part of the UK renewables market.
What happened
RELA, which had already built a track record helping landowners in Australia bring forward income from renewable energy leases, used the acquisition to establish immediate scale in the UK. With the deal complete, the company now manages one of the country's largest portfolios of renewable energy leases, and has formally launched its Prepay product to British landowners — offering to exchange future lease income for a payment today, while ownership of the land itself stays exactly where it was.
The backing matters as much as the deal itself. Equity from Oaktree and debt financing from Macquarie Asset Management give the business substantial long-term capital to work with, which is a meaningful signal in a market where landowners are, understandably, cautious about who they're dealing with on a transaction tied to a 25–40 year lease.
Why this is good news for landowners, not just for RELA
A well-capitalised international entrant validates the underlying idea: that rental income locked into a long lease has real, realisable value today, not just on paper decades from now. It also means landowners exploring this option now have more than one credible route to compare — worth doing, given how much a valuation multiple, deal structure, and ongoing relationship can vary between providers.
As more capital enters this space, it's a reasonable bet that awareness among landowners, and competition for the best leases, will only increase from here. Leases capitalised earlier, before that competition drives structures and pricing in directions that may or may not suit every landowner, arguably retain the most flexibility.
Where this leaves you
If you hold a wind, solar, hydro, battery storage or energy-from-waste lease and haven't looked into capitalising it, this is a fair prompt to start the conversation — whichever route you end up exploring. We work specifically with UK landowners, from working farms through to large estates and commercial sites, and can talk you through what capitalising your own lease could look like.