NextEnergy Capital Group, a London-based investor in renewable energy, has announced plans to create a dedicated fund to invest in subsidy-free solar power plants in the UK
The investor, who already manages three solar-focused funds with assets in the UK and Italy, revealed his plans for his ESG NextPower UK pot by announcing that Spanish bank Santander will provide a 100% line of credit. million pounds sterling (113 million euros) to fund two large, grant-free projects in England and Wales.
The 75 MW Llanwern solar project in South Wales is expected to be the UK’s largest solar farm to date when it goes into service in the last three months of the year. The 40 MW project being developed by NextEnergy in Strensham, in the English county of Worcestershire, is expected to be commissioned within the same three-month window.
A press release issued today by public relations firm Engine MHP on behalf of NextEnergy – to announce Santander’s line of credit – said the two projects would each operate under signed power supply agreements with unspecified energy buyers. The statement added that the two projects would be moved by NextEnergy into a new UK solar investment pot without a subsidy to fund a “significant number” of these new projects. NextEnergy said the two projects would have a joint construction value of £ 60million.
The investor said its publicly listed NextEnergy Solar Fund Ltd operates 90 solar projects with more than 754 MW of generating capacity, mainly in the UK and Italy. The private fund NextPower II operates 95 plants in an Italian portfolio of 137 MW and the private fund NextPower III operates five plants with a capacity of 357 MW in various OECD countries.
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