Solar companies Conergy and Camborne Energy have agreed to sell 40MW solar farm portfolio to Primrose Solar, which is backed by York Capital Management and Pioneer Point Partners.
The deal also includes options on four projects with a total capacity of 50MW, which are currently under planning.
The councils have approved the construction of five solar farms including 15MW at Nova Scotia Farm, near to Great Yarmouth, a 7MW solar farm near Cardiff, while the remaining three plants of 3MW, 6MW and 9MW respectively, are to be built on various fields owned by the Dorset landowner.
The construction, which will involve the stationing of solar panels on elevated racks, is expected to be complete by the end of March 2014.
Conergy UK MD Robert Goss said as solar scales up to become a key player in the UK’s total energy mix, new types of investors are entering the market looking for bankable products.
"Conergy’s partnership with Camborne has delivered a portfolio of plant in the right locations with predictable long-term returns thanks to high quality design and build," added Goss.
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By GlobalDataCamborne Energy MD Jonathan Townend said the latest deal is the first group sale of assets from our larger portfolio currently under development.
"We have been able to offer our landowners and the buyers the benefits of an integrated approach – Camborne Energy’s professional development services, married with Conergy’s technical expertise and construction capabilities," Townend added.
Conergy, which was acquired by Florida’s Kawa Capital Management, designed the plants and will build, manage and operate them, while Camborne worked with landowners and secured planning permissions.
The solar power plants earn revenue from power purchase agreements at a typical rate of 5 pence per kWh, 33% of the average UK retail price of electricity.
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Image: Conergy and Camborne Energy agree to sell 40MW solar portfolio to Primose Solar. Photo: courtesy of Camborne Energy.
