Solarcentury and Magnetar Solar to build 111MWp of UK solar farms
Investment firm Magnetar Solar (UK) has purchased Solarcentury's 71MWp pipeline of solar PV projects across the country and has selected the solar company to build an additional 40MWp of projects this year.
The deal, announced today (2 February), will see Solarcentury hand over four large solar farms ranging from 7MW to 28MW, with an agreement in place for the construction of four sites from Magnetar Solar's existing portfolio.
Solarcentury's chief executive Frans van den Heuvel said: "With eight sites already under construction, the close working relationship we are forming with Magnetar Solar is a win-win for both companies and supports the urgent need to develop renewable energy sources to improve the UK's energy independence.
"We are delighted that Magnetar Solar has selected Solarcentury as a partner for its projects and we are very pleased to be working with a world-class investor like Magnetar Solar for the sale of our own sites."
The news follows an announcement earlier this month that Solarcentury founder Jeremy Leggett had stepped down from his role as non-executive chairman of the renewables company. Leggett has been replaced by solar expert Philip Comberg, who recently joined the Solarcentury board as an independent director.
Magnetar Solar (UK) is wholly-owned by entities advised by US hedge fund Magnetar Capital affiliates. Currently, Magnetar Solar owns 25 UK solar farms, capable of generating 300MW. Approximately one-third are operational and the rest are under construction and scheduled to be connected under 1.4 ROCs by the end of March 2015.
Alan Shaffran, a director of Magnetar Solar said, "The Government's goal to increase the UK's solar energy capacity and decrease its dependence on fossil fuels has made solar an extremely attractive market.
"We're pleased to be partnering with Solarcentury to expand our solar energy portfolio and construct worthwhile solar projects such as these to help boost the UK's solar industry."
Solarcentury will act as the principal Engineering, Procurement and Construction (EPC) contactor as well as Operation and Maintenance (O&M) provider for all of the solar projects.
Read more Solarcentury news here.