UK’s First-Ever Bankable, Unsubsidized Solar & Storage Project in the Offing

By Saur News Bureau/ Updated On Wed, Jul 12th, 2023

Highlights :

DIF Capital Partners and Pexapark have signed a power purchase agreement in this regard to support the project.
The project is expected to come up in Bedfordshire in the UK.

UK’s First-Ever Bankable, Unsubsidized Solar & Storage Project in the Offing

Meghmani Finechem Commissions 18.34 MW Hybrid RE Plant Through SPV ReNew Green

DIF Capital Partners, a global independent fund manager and Pexapark, an advisory firm specializing in renewable energy, have now partnered to make UK’s first-ever bankable and unsubsidized solar and storage project. A Power Purchase Agreement (PPA) for ten years in this regard has already been signed.

As per the mandate, the two firms would help to support a hybrid solar farm of 55 Megawatt with a battery storage system which would be co-located. The likely battery storage capacity for the project would be around 40 MW to 80 MW. The project is expected to come up in Bedfordshire in the UK.

This hybrid PPA is now all set to boost the production of clean energy from this solar farm with energy storage support. Several solar developers in the UK are now opting to co-build energy storage systems with solar panels to maximize capacity usage.

“We are delighted to have supported DIF Capital Partners in its first hybrid PPA – which also became the UK’s first bankable and unsubsidized co-located PPA. This market-first hybrid PPA covers a 55MW solar farm and 40MW/80MWh battery storage system in Leighton Buzzard, Bedfordshire, providing clean energy and secured revenue across the solar and battery energy storage system over a 10-year term. The deal will also provide secure and bankable revenue streams for both the solar farm and storage system,” Pexapark said in a statement.

It is said that in the last two years, around 45 percent of the permissions sought from the government by the developers in the UK to seek approvals for solar projects are related to hybrid solar projects, hinting at the developers’ inclination towards hybrid systems.