Mongoose Energy has closed financing of a 14.7MW community solar battery farm in Warwickshire, UK near Stratford-Upon-Avon.
Touted to be the biggest community energy project in the UK, the solar farm is expected to meet the power consumption needs of around 4,500 homes.
Renewable energy developer Anesco has designed and built the solar farm site besides maintaining it. The solar farm which is spread across 75 acres in Drayton Manor will have co-located batteries which are recognized for subsidy-supported revenue streams like FITs and ROCs.
The Drayton Manor site through the new financing deal will generate £4.8m in local community benefits during the 20-year lifetime of the project.
Anesco executive chairman Steve Shine said: “As a pioneer of energy storage in the UK, we will ensure the site generates the maximum benefit for investors and the local community.
“Hybrid sites such as this, which combine solar with energy storage on scale, are at the heart of the UK’s smart energy revolution. The site at Drayton Manor will not only offer returns to investors but help reduce the country’s carbon emissions and create jobs.”
In late July, Mongoose Energy received funding for three solar farms at Drayton Manor. While the bridge financing was offered by Social & Sustainable Capital, the senior debt was provided by Close Brothers.
Mongoose Energy generation head Robert Rabinowitz said: “This transaction is just the beginning of a process to maximise the community benefit that we can achieve from these assets.
“We are also keen to acquire more community interest company (CIC) solar sites and urge commercial owners of such sites to get in contact so that we can help them to put such assets where they belong, into community ownership.”
Image: Solar farm in Drayton Manor. Photo: courtesy of Anesco Ltd.