China-based Trina Solar (TSL) has sold its 49.99MW solar power plant in Norfolk, UK, to investment firm Bluefield Solar Income Fund (BSIF) for about £59.1m.
The sale was done through a bridge loan facility agreement for BSIF, which is to be used by Trina Solar to finance the project until the sale is completed.
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The Norfolk solar power plant is claimed to be the largest single solar farm in the UK and is powered by 196,627 Trina Solar modules.
Trina Solar chairman and CEO Jifan Gao said: "The sale of this project is in full alignment with our strategy in overseas markets to build and sell power generation assets at attractive return.
"This is the third utility-scale solar power plant that we have constructed and sold in the UK for a cumulative capacity of 73.76 MW, demonstrating our global team capabilities in project development and execution.
"Besides our ongoing developments in the UK, we are also building several projects in Japan and are actively building our presence potentially in other markets for which we will provide updates as and when appropriate.
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By GlobalData"This transaction provides us with additional capital to fund our growing global downstream projects business. With accelerating momentum in our domestic and overseas markets, we are on track to meet our 2015 target to connect a portfolio of projects totaling between 700MW to 750MW."
Construction of the 49.99MW solar power plant was started in the third quarter of 2014 and it was connected earlier this year in time to qualify for the renewable obligation (RO) certificate at 1.4.
