Renewable Connections, a solar and battery storage project developer, and its partner European Energy UK announced the sale of two “shovel-ready” solar and battery storage projects totaling 121 MW in Scotland. EVC Kilt Limited, a part of EVC Energy, a solar and battery storage project developer, acquired the projects. EVC Energy is a joint venture between Elmya Energy and Valpre Capital launched in 2021.
Michael Hughes, Director at Renewable Connections, said: “Working closely with European Energy UK, we have built an outstanding record of developing and achieving consent for our renewable energy projects. We deliver highly innovative developments and take a responsible, community-led approach to plan and designing. Achieving an outstanding record of project consents to date, also means we deliver projects which appeal to investors such as EVC Energy and our existing co-development project partners. We are delighted to have closed this deal which marks another exciting chapter for Renewable Connections and its future.”
Adam Spearey, Director at European Energy UK, said: “It is pleasing to see investor interest in these projects. The joint decision to sell them was in part driven by the unprecedented success Renewable Connections has achieved in consenting solar and storage projects over the last 12 months, with over 500MW of projects consented under our prosperous partnership to date.”
The deal was supported by legal advisors Burges Salmon for Renewable Connections and European Energy UK and Foot Anstey on behalf of EVC Energy. Both projects, which Renewable Connections have developed in partnership with European Energy UK, were consented to in 2022.. Once built, the projects will generate enough clean green energy to power around 19,000 homes.
According to Mercom’s Q1 2023 Solar Funding and M&A report, 27 solar M&A transactions were recorded in Q1 2023 compared to 38 in Q4 2022 and 29 solar M&A transactions in Q1 2022. Recently, Ethical Power Development, a renewable energy developer and investor and a part of the Ethical Power Group, has acquired the development business of Public Power Solutions (PPS), including a pipeline of solar and energy storage projects with a potential capacity of over 250 MW.