Posted on: 03/03/2014
US solar technology firm SunEdison is entering the UK market after agreeing a financing deal for the construction of four utility-scale photovoltaic (PV) solar projects.
The energy produced from the 56 megawatt (MW) portfolio, which is expected to be fully operational by the end of March, will be purchased by SmartestEnergy through a Power Purchase Agreement (PPA.)
Construction of the projects in Swindon, North Devon and on the Essex/Suffolk border, will be financed from the proceeds of a non-recourse debt financing arrangement with Deutsche Bank.
Jose Perez, SunEdison's President of EMEA and Latin America, said:
“We view the UK as a high-growth market for solar and for our company. We are looking forward to supporting economic growth for the UK through solar projects that create jobs and support the local economy while delivering predictably priced energy."
Iain Robertson, Head of Generation Sales for SmartestEnergy, said:
“We are delighted to be supporting SunEdison’s entry into the fast-growing UK solar PV sector. SmartestEnergy is working with a growing number of developers and investors in this exciting sector and we have a strong pipeline of projects on the horizon.”
Once operational, the solar power plants will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services. Data collected from the ROC is used to continuously improve the company's products, project designs and service offerings.
SunEdison also announced that Foresight Solar Fund Limited will acquire the entire portfolio of projects once it is interconnected.
As one of the UK's leading solar infrastructure investment teams, Foresight funds currently manage over £650 million in 23 separate operating PV plants in the UK, the USA, Italy and Spain.