US$33 million Financing provided for 45 MW Solar project in the UK
Virgin Money announced that it is providing GBP26 million (US$33 million) of long-term funding for a 45 MW solar farm in Hertfordshire in the UK. The funds will support the development, construction and operation of the Larport solar farm, which has been developed by Conrad Energy.
Located on a 120-acre (48.6-ha) site in Dormington, the facility generates more than 40,000 MWh of electricity annually enough to power 10,400 homes and helps save around 9,400 tonnes of carbon dioxide (CO2) emissions. The energy generated by the Larport Solar Farm has been pre-sold under a 15-year contract to BNP Paribas (a major banking institution) to help decarbonize their UK operations. Conrad Energy and BNP Paribas signed the Power Purchase Agreement (PPA) in May 2023.
The solar farm consists of a 77,000-panel array and is on track for completion by engineering and construction contractor Ethical Power in the second quarter of this year.
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