Triodos finances solar farm in Creswell

Triodos Bank has provided over £3 million (US$3.7 million) in project finance to Danish Better Energy for a ground-mounted solar farm in Creswell, Derbyshire.

Located on the site of a former colliery, the 19,206 panel, 11.8 hectare Creswell Solar Farm project is expected to produce 4,974 MWh a year - enough to power 1800 homes. It is the first time since the closure of the underground coal mine in the 1990s that the location will again be used to produce energy - only this time it will be clean, renewable solar energy.

The project was successfully commissioned prior to March 31 2016, meaning that it will qualify for 1.3 ROCs for every MWH produced, and will receive revenue through the ROC (Renewable Obligations Certificates) subsidy scheme and through power sold under a PPA (Power Purchase Agreement) contract. Better Energy funded the project with Equity and Climate Bonds in addition to the Triodos Bank loan.

Triodos Bank and Better Energy are collaborating on financing a further 20-50 MWp ground-mounted PV in 2017. Legal advisors for the transaction were Bird & Bird and Eversheds. Technical Advisors for the transaction were K&S Ingenieurpartnerschaft Krug & Schram.

Stirling Habbitts, who led the transaction within the Project Finance Team at Triodos Bank UK said:

"We are delighted to finance this ground-mounted solar project, which is the first of a portfolio of similar UK solar projects that we are working on with Better Energy. It's encouraging that international organisations such as Better Energy are investing in UK renewables, and we look forward to collaborating on future projects."

Mark Augustenborg Ødum, Managing Partner Better Energy said:

"It's been a pleasure to work with Triodos Bank on the Creswell Solar Farm project and we look forward to our continued cooperation in the future."

Better Energy is a solar energy power producer with solar projects totalling over 100 MWp installed and in operation throughout the UK, Germany and Denmark. Better Energy is focused on development, finance and operation of solar power projects. Better Energy sources its funding from direct investments, partnerships with and investments via Solar Energy Climate Bonds.