British Business £20 Million Solar PV Funding Deal
- Published: Saturday, 08 October 2011 05:23
AZUR SOLAR and Bluefield Partners LLP agree on £20m funding deal to offer free Solar PV Energy Contracting to British Businesses for 25 years.
Leading solar PV company AZUR SOLAR has signed an agreement with Bluefield Partners LLP (Bluefield), the specialist solar PV fund manager based in London, on a strategic partnership that will see Bluefield financing a large number of new AZUR SOLAR installed 50kWp and 150kWp solar PV installations on industrial, commercial and agricultural roofs over the next six months. Through the deal, these will be installed for free ahead of the Government’s FIT change at the end of March 2012 and enable roof owners and tenants to benefit via receiving clean energy savings without deploying their own capital.
With an established reputation as one of Europe’s most successful solar PV manufacturers, system integrators and on-roof solar developers, AZUR SOLAR has a growing list of prestigious reference sites. This made it the perfect industry partner for Bluefield who see a very attractive immediate opportunity in the UK solar market. Bluefield is backed by leading UK investors Jon Moulton and William Doughty and the partnership with AZUR SOLAR will be a significant part of their UK focused solar PV strategy.
“This is excellent news for our UK Commercial Project team, the company and the solar sector in general,” stated Robert Markus Feldmann, Managing Director for AZUR SOLAR Systems Ltd. “We are totally focused on getting the right commercial roofs commissioned before the Governments next FIT milestone date. We already have a solid and growing pipeline of solar projects, so now having independent financing available means that when we identify a suitable site, we can provide the roof owner with a comprehensive 25 year energy contracting solution.”
Feldmann continued: “Not only is the energy derived from a leading edge clean solar PV solution on the customer’s own roof, owned by a fund managed by Bluefield, at the same time the energy costs are locked in for the same period without any capital outlay whatsoever. This is of great value for most of our commercial customers, who are getting penalised year-on-year by rising energy costs. AZUR SOLAR will also operate and manage the system, thus end-to-end quality and reliability of supply is assured.”
James Armstrong, a partner at Bluefield, commenting on the announcement said: “We are delighted to teaming up with AZUR SOLAR. It already has an enviable track record, a management team with real strength and experience and outstanding products. The management teams share the same high ambition and expect to establish a leading position in the UK solar PV rooftop market over the next few months.”
Recent prestigious AZUR SOLAR projects have included the UK’s largest self-funded rooftop installation for The Body Shop International in West Sussex; a massive distribution centre for Staples in Northamptonshire; an initial six branches for Covers Builders Merchants in the South East; plus projects with SEGRO / Slough Estates.
Robert Markus Feldmann concluded: “The environmental benefits of solar PV are increasingly being appreciated, but for many customers having the capital available to fund a project has been a limiting factor. Now they have the potential to obtain clean renewable electricity on their own roof via a third party funding partner and reap the benefits associated with reduced carbon emissions. For investors, solar PV represents a solid financial return on investment. Improved economies of scale and reduced overall system costs continue to encourage businesses and homeowners throughout the country to install renewable solar PV energy solutions – but if they don’t have the capital readily available they can now benefit through this partnership, with the fund providing the capital for investment and the electricity generated at highly attractive terms.”
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