Low Carbon, a renewable energy investor and project developer, announced that it has reached financial closure on a 385 MW portfolio of solar and energy storage projects in the U.K.
Most of the projects will begin construction in early 2024 and are part of a large pipeline of solar and battery storage projects in excess of 3 GW in the U.K.
The construction of the portfolio will be done by Equans, through its subsidiary Bouygues Energies & Services, and Elmya, while Trina Storage will provide the battery storage systems for the portfolio. Once operational, the 290 MW of solar capacity will avoid approximately 130,000 tonnes of CO2 emissions annually and is expected to power the equivalent of 85,000 homes.
Commenting on the announcement, Chief Investment Officer at Low Carbon, Steve Mack said: “We are delighted to have reached financial close on this large portfolio of renewable assets, which will contribute towards the UK’s aim of achieving net zero and our own target of delivering 20 GW of new renewable capacity by 2030. This milestone reflects the tireless work of our development teams and supply chain partners over several years. “The team is particularly excited to begin constructing 95 MW of co-located two-hour battery storage assets, a key enabling technology that will help accelerate the transition. The deployment of storage alongside our solar assets is an efficient use of limited grid capacity and will support the UK’s efforts to tackle climate change.”
Low Carbon said it has raised approximately £1 billion (~$1.3 billion) in finance since the beginning of 2022 to support the expansion of large-scale renewable energy globally.
According to Mercom’s recently released Q4 and Annual Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.
Globeleq, an independent solar power producer, recently announced the completion of a $37 million senior debt restructuring for 11 MW of Aries Solar and 11 MW of Konkoonsies solar projects in the Northern Cape of South Africa.