Element Power Solar Completes Sale of 6MW UK Solar Parks
- Published: Saturday, 17 March 2012 13:07
Element Power Solar has announced that it has completed the successful sale of two solar parks with a combined capacity of 6MW to funds managed by alternative asset manager Foresight Group (Foresight).
The projects, Puriton West and Summerway Drove developed by Element Power Solar in partnership with Dublin-based BNRG Renewables, were constructed and commissioned during 2011 under the UK Government’s Feed-in-Tariff legislation designed to encourage construction of low carbon electricity generation from renewable energy technologies.
The rapid and considerable changes to the UK’s Feed-in-Tariff during 2011 meant the construction window for both projects had to reduce from 12 to 3 months. Element Power Solar took an innovative approach to deliver two high-quality projects in the dramatically reduced timeframe, whilst retaining its commitment to the local environment and working with the local community.
Mike O’Neill, President and COO of Element Power said: “We are delighted to finalise the sale of these two projects. It is clear testimony to Element Power Solar’s capital strength, deep knowledge of the photovoltaic market and ability to identify and establish high-class partnerships that we have succeeded when so many other projects failed because of legislative uncertainty.”
“Unlike many companies within the UK solar sector we have overcome various unforeseen challenges during the last 12 months. BNRG’s partnership with Element Power Solar has left us as one of a small number of developers to successfully commission commercial-scale projects in the UK,” commented David Maguire, Director of BNRG Renewables.
Ricardo Piñeiro, Investment Manager at Foresight, said: “Commercial-scale feed-in-tariff solar projects continue to be an attractive investment proposition. We are delighted to add these two projects to our growing portfolio of solar assets increasing our UK portfolio to 16MWs.”
Element Power Solar’s environmental ethos was reaffirmed by Bernice Roberts, of environmental consultants The Landmark Practice, which worked with Element Power Solar and BNRG Renewables to deliver the schemes. “There is always a risk that ecological and environmental considerations can get lost in the pursuit of meeting such dramatically reduced timescales. We are delighted to say that the developers worked closely with us, from the beginning of the consenting process through to development on the ground. This has ensured that the environmental considerations at these sites remained a priority throughout.”
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