Recurrent Energy Sells the Middle Road Solar Project in the UK

Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar announced the completion of the sale of its 49.9 MW Middle Road solar project in Harbury, Warwickshire, U.K. Centrica Business Solutions, an integrated energy solutions company, acquired the project.

The Middle Road solar project is subsidy-free, fully permitted, and ready for construction. It is expected to begin in the summer of 2024. Commercial operations are expected to commence in 2025. Once operational, it will generate enough clean electricity to power approximately 14,500 households.

Ismael Guerrero, CEO of Recurrent Energy, added, “With a robust team in the UK, Recurrent Energy is growing our development pipeline throughout the UK to support the UK’s climate objectives. The Middle Road solar project will not only provide clean energy, but also support the local economy. While we are enhancing asset retention in Europe and North America, this project sale to Centrica highlights our ongoing flexibility to partner with leading companies on strategic transactions.”

Recurrent Energy currently has a pipeline of more than 2.6 GW of solar PV and 6.7 GWh of battery storage projects under development in the UK.

According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.

Recently, Columbus Energy, a Poland-based photovoltaics installer, entered into a preliminary agreement with Nyx Renewable Energy, owned by GoldenPeaks Capital, for the sale of 28.1 MW of solar projects. The portfolio includes 30 Columbus Energy solar projects implemented by 19 subsidiaries of the Group.