₤ 25m boost for UK PV project

May 17, 2023 05:12 PM ET
  • Santander to fund South Farm Solar site that will power City of London Corporation
₤ 25m boost for UK PV project

Santander UK has actually supplied ₤ 25m financing to Voltalia subsidiary South Farm Solar, to support its building and construction as well as procedure of a new PV project that will certainly supply more than half of the City of London Corporation's electrical power.

South Farm is a 49.9 MW ground-mounted solar farm near Spetisbury, Dorset that has actually been established, created, run and kept by Voltalia.

On site grid link has actually been secured with Southern Electric Power Distribution with an export capacity of 40MW, attaching to an existing tower with 132kV expenses line.

The South Farm site is now total having accomplished grid link certification in December 2022, and also it began offering the City Corporation with electrical power in January, powering legendary London landmarks such as Tower Bridge, Hampstead Heath, the Barbican Centre and its historical Guildhall headquarters.

South Farm represents Santander UK's more support of renewable resource generation assets that do not depend on Government subsidies.

The financial institution's funding plan likewise provides South Farm Solar Ltd with Consumer Price Index (CPI) hedging, giving it more assurance over the quantity of revenue the solar farm will certainly generate over the next 15 years, according to the lending institution.

100% of the power generated by South Farm has actually been bought by the City Corporation, which has a 15-year PPA with South Farm Solar Ltd

The bargain becomes part of the City Corporation's Climate Action Strategy, which commits it to getting to net zero in its own operations by 2027, as well as in its investments and supply chain by 2040.

It is also supporting the achievement of net zero for the entire Square Mile, one of London's monetary areas, by the exact same year.

Voltalia has actually carried out 23 brand-new renewable resource center projects with an incorporated capacity of 193MW in the UK.

South Farm is its largest solar energy facility to day and is located near its other solar photovoltaics farms at Clifton Farm, near Yeovil, and also Greater Stockbridge.

UK country supervisor at Voltalia Simon Holt said: "Through our collaborate with Santander UK in funding the South Farm project we have actually had the ability to completely realise a new, significant green energy project at South Farm, Dorset.

" We anticipate a boosting variety of business and also organisations in the UK to be switching to cleaner, sustainable, renewable energy materials as well as we will continue to provide a net-zero power acquisition service as our portfolio grows.

" The UK has the capacity, interest and the sunlight to deliver many more of these projects in the coming years and we really hope that projects like South Farm add to the bankability and also self-confidence in UK renewables."

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