Low Carbon Announces 300 MW Of New Projects For UK
Low Carbon, the renewable energy investment company, and Macquarie Capital are collaborating to deliver a portfolio of up to 300MW solar projects in the UK.
The arrangement relates to the funding required to construct a portfolio of solar projects that could power up to 100,000 homes per year, supporting Low Carbon and Macquarie Capital's joint aim to accelerate and deliver renewable energy sources in the UK.
The transaction demonstrates the ability of Low Carbon to work with a portfolio of developers to manage and package low-risk projects for investment. Through the collaboration, Macquarie intends to provide construction funding to well developed, investment-ready renewable energy projects.
The first phase of the collaboration will total 25.7MWp with an investment of up to £29m to fund the construction of three ground mounted photovoltaic (PV) solar projects, two based in Cornwall and one in Wales.
John Cole, chief investment officer at Low Carbon commented, "This transaction highlights the continued and rapid growth of Low Carbon's business, following on from the successful development, construction and operation of over 160 MW of solar parks we have invested in so far. Low Carbon aim to direct investment into projects that not only provide returns to investors, but also offer a sustainable energy alternative to fossil fuels. We have a pipeline of future projects under development and look forward to continuing our successful collaboration with Macquarie Capital with the aim of making an impact on climate change."
Mark Dooley, Head of Development Capital at Macquarie said,"The collaboration with Low Carbon in relation to construction funding of their pipeline of UK Solar projects demonstrates the ongoing commitment that Macquarie Capital has to finance power and renewable energy businesses in Europe. We are delighted to be able to support the Low Carbon team to build out their development pipeline and hope to continue to support management to achieve their wider strategic aims through this phase of rapid growth."
