NTR, an Ireland-based renewable energy investor, acquired the 70 MW Medebridge Solar Project from REG Power Management (RPM). The large-scale ready-to-build solar project is located in Essex, with grid connection and land agreements in place.
The project is expected to be operational in Q1 2024, and the company is in talks to arrange a power purchase agreement for the project.
Once operational, Medebridge will supply 71GWh of renewable power generation capacity, which is the equivalent of providing green power to approximately 25,000 homes and will offset about 13,000 tonnes of CO2.
Anthony Doherty, Chief Investment Officer at NTR, commented: “We are delighted to work with the RPM team again to acquire Medebridge as part of NTR’s growing portfolio of European renewable energy projects under management. Given its scale and proximity to London, Medebridge is a uniquely attractive solar project that can be built relatively quickly and meet the urgent needs of corporates seeking clean power alternatives.”
In August, NTR announced that it was about to start constructing the 58.8MW Ockendon Solar Farm acquired from RPM. Located in Essex, UK, the project is considered one of the largest solar farms to be built on a repurposed landfill site in Europe. Once operational, it will provide clean power to about 17,000 homes. NTR has a 10-year power purchase agreement (PPA) with BT Group to use 100% of the power generated by Ockendon Solar Farm.
Andrew Whalley, Chief Executive of RPM, added: “We are very pleased to be able to work with NTR again on the acquisition of Medebridge Solar from its shareholders. The project will complement the nearby Ockendon Solar Farm, which RPM sold to NTR last year. As well as helping to combat the climate emergency and providing the UK with much-needed renewable energy, Medebridge Solar will also benefit the local community.”
According to Mercom’s recently published 9M and Q3 Solar Funding and M&A Report, in 9M 2022, There were 90 solar M&A transactions compared to 83 transactions in 9M 2021.