RWE Supply & Trading has acquired the Kencot Hill solar farm, a 37MWp ground-mounted solar photovoltaic (PV) project in Oxfordshire, England.
According to RWE Supply & Trading, acquisition of the Kencot Hill solar farm by the company creates momentum in the development of this project by providing essential financial and technical support.
Conergy UK has been selected as engineering, procurement and construction contractor by RWE Supply & Trading to develop the solar project. The solar park is anticipated to begin operations in late summer 2014.
After completion of the project, RWE will sell the solar farm to Foresight Solar Fund.
RWE Supply & Trading CEO Stefan Judisch said that utilizing the company’s project development, procurement and structuring skills, including expertise from RWE Innogy, it will deliver to Foresight a substantial, fully commissioned and ROC accredited solar PV park.
"This finance model is very innovative: As the first such structure for RWE in the UK solar PV market, RWE is providing the crucial construction finance required to bridge the requirements of the project developer and EPC contractors of such a renewable energy project and the requirements of institutional investors into renewables.
"RWE aims in future to repeat this structure, attracting additional investors and thus helping the UK and other European governments to deliver their CO2 reduction and renewables targets," Judisch adds.
In its first full year of operation, the Kencot Hill solar farm is expected to generate approximately 36 million kWh of electricity, which is enough to power around 10,000 households.