BayWa r.e. sells two UK solar projects
BayWa re has sold two solar projects in Great Britain. The solar farms have a total capacity of 110MWp, which has the potential to provide over 31,000 UK homes with green electricity.
The 30MWp Bracks solar project in Cambridgeshire has been sold to the UK Railway Pension Scheme managed by Railpen. This is the second collaboration between the two companies following the sale of Tralorg wind farm in 2019.
Scurf Dyke near Hull, a co-located solar project which will link a utility-scale battery to an 80MWp solar farm, has been sold to a fund managed by investment adviser and asset manager re:cap Global Investors. Both projects are currently under construction at BayWa re and are expected to go into operation in 2023.
BayWa re has entered into 20-year contracts to provide long-term operation and maintenance and commercial asset management services for both solar projects. These projects complement a growing UK portfolio where BayWa re currently manages and operates over 2GW of renewable energy assets.
Benedikt Ortmann, Global Director of Solar Projects at BayWa re, said: “Identifying, developing and selling high quality renewable energy projects is the driving force behind BayWa re’s rapid global growth. The sale of these two projects in quick succession not only testifies to the ambitions of the British team, but also to BayWa re’s overall expertise. It underscores our capabilities in developing renewable energy and storage projects, which are highly sought-after investments in the market today.”
The sale of these projects follows success this year in the UK’s Contracts for Difference (CfD) Allocation Round 4 process, in which BayWa re received CfDs on eight renewable energy projects (including Bracks and Scurf Dyke) with a combined performance of over 330 MW for onshore wind and wind energy secured solar. BayWa re UK’s total pipeline is now 2.4 GW.
John Milligan, Managing Director, UK & Ireland at BayWa re added: “In the face of the climate and energy crisis, securing a reliable and economical long-term supply of domestically generated energy is more important than ever. The implementation of renewable energy projects is key and we are pleased to have made these two locations attractive investment opportunities for our customers. These projects will also make an important contribution to the UK government’s ambition to meet its net-zero emissions commitment by 2050. We look forward to continuing our work in the UK to help meet important sustainability goals.”
These sales follow other successful transactions of more than 140MW of wind and solar capacity in France, Spain and Germany.
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Winter 2022 edition of Energy Global
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