Eco2 assets powered by sale of solar parks
KINETICA Solar, part of Cardiffbased renewable energy companies Eco2, has completed the sale of two solar parks in a £54m deal with joint venture partner Welink Energy.
The 39 megawatt Raventhorpe Solar Park, sited in North Lincolnshire and the seven megawatt Roanhead site in Cumbria, have been sold to Canadian asset management firm Fengate Capital Management.
The projects will provide 46 megawatt of renewable energy to the UK energy market, and will both receive 1.4 Renewable Obligation Certificates (ROCs) per megawatt hour of generation until 2035.
The two parks opened in March this year and contribute to the UK’s carbon reduction targets – generating enough energy to power up to 13,500 homes.
David Williams, chief executive of Eco2 said: “We look forward to building on our relationship with Fengate Capital Management, along with that of our joint venture partners Welink Energy.”
The Raventhorpe Solar Park will provide Tata Steel in Scunthorpe with the renewable energy it produces under a private wire agreement. The projects represent what is con- sidered to be the largest private wire connection in the UK.
Mr Williams added: “It was a pleasure to work with Fengate Capital Management on their first major deal in the UK market. As a company, we have a strong track record of raising finance to develop, build and operate renewable energy projects in difficult economic climates.
“We are naturally delighted to have secured the sale of what amounts to a significant portfolio of solar assets and to have done so during a period of unprecedented chal- lenges for the renewable industry.”
Kinetica Solar says that combined, the two solar parks will prevent an estimated 29,000 tonnes of CO2 emissions annually.