Two solar PV projects in UK achieve financial close

GRIDSERVE has announced that it has closed the funding to build solar farms for Warrington Borough Council in a landmark deal.

Investec Bank and Leapfrog Finance will fund construction of the two largest solar farms to be built in Great Britain since 2016. The projects will use large batteries and innovative technology to maximise revenues and demonstrate a new commercial model for delivering subsidy-free utility scale solar energy in the UK. Watson Farley & Williams has advised Investec Bank on the construction financing for the solar park in York.

GRIDSERVE reached financial close on the projects recently, and construction of the first 34.7 MWp hybrid solar farm plus 27 MW battery storage system at York is due to commence imminently. This is due to be followed by a 25.7MWp solar farm at Hull. Warrington Borough Council has agreed to pay £62.34 million (US$82 million) for the two assets and will take ownership when they are operational. GRIDSERVE will continue to operate and maintain the solar farms over their lifetimes to maximise system performance and value for the council.

Together the two solar farms will generate enough green electricity each year to supply the equivalent of more than 18,000 average UK homes, or power more than 30,000 electric vehicles, saving 25,000 tonnes of carbon per year.

The York solar farm and battery storage system is being built on 198 acres of low-grade agricultural land at Boscar Grange, near Easingwold, north of the city, and it is expected to be operational by October 2019. Construction at Hull solar farm, on 131 acres of low-grade agricultural land near Bilton, east of the city will follow.