Energy firms join forces to boost renewables market
The largest independent photovoltaics company in the UK has sold 7.5% of its share capital to Scottish and Southern Energy (SSE) for £1 million.SSE stated it has entered into a collaborative agreement with independent firm, solarcentury, to bring together their respective electrical contracting business and solar energy expertise to market the provision and installation of solar PV around the UK.
"We already has substantial interests in the generation of electricity from renewable sources such as hydro, wind and biomass," SSE chief executive Ian Marchant explained. "This deal with solarcentury will help us build on our position as the largest green energy company in the UK and is a significant step forward in our plans to expand the range of energy services which we can provide to customers."
The two companies have already combined to provide and install solar energy for various organisations, including the National Trust and London's Spitalfields market.
solarcentury has also recently been involved in development work and preparation for the UK's 2012 Olympic and Paralympic Games bid, helping to support London Mayor Ken Livingstone's commitment to a "low carbon games".
Chief executive of solarcentury, Jeremy Leggett, said he felt that the partnership would give the UK's solar market a boost and make another big step towards creating a more sustainable future.
"We are operating in one of the world's fastest growing industries and the new equity capital raised, which also includes additional amounts from private investors, strengthens our balance sheet and enables us to accelerate our new product development programme to maximise returns from numerous attractive, high growth markets," he stated.
This agreement follows SSE's investment last October in Renewable Devices Swift Turbines, the developer of a rooftop-mountable wind energy system.
By Jane Kettle