Europe Solar Utility Sells 3.7 MW Solar Installations

Europe Solar Utility (ESU), a specialist provider of investment and project management expertise at the construction phase of solar PV installations, is pleased to announce the sale to a long-term investor of 3.7MWp of operating solar PV assets built on land owned by Thames Water.

The installations, at three Thames Water sites near London, cover an area equivalent to more than 10 football pitches and will provide an annual output of up to 3,500 megawatt hours (mWh) of electricity – enough to run around 750 average-size homes – shaving £100,000 a year off Thames Water’s electricity bill.

Construction of the projects was financed and managed by ESU which successfully completed the first phase of the project before the August 1st deadline qualifying it for the higher feed-in-tariff rate of 30.7p per kilowatt hour (kW/h). Since August 1st the feed-in tariff for installations of this scale has been dramatically decreased.

By investing pre-construction phase ESU assumed the projects construction risk, using its combined technical and financial expertise to successfully bring the installations to commercial operation before identifying and selling the de-risked assets on to a suitable long-term investor.

Following the sale ESU will continue to be involved in the on-going management of the installations working alongside the new owner to ensure their optimal performance and the supply of clean, renewable electricity to Thames Water.

Patrick Charignon, CEO of Europe Solar Utility, said: “The successful sale of our Thames Water project validates our strategy of financing and implementing industrial scale pre-construction solar PV plants and selling the operational assets on to long-term financial and industrial investors. We have shown that we can efficiently put capital to work during the construction phase to bring the projects of this type to completion quickly and even to the very tight deadlines imposed by the UK’s changing regulatory environment.

“Future projects of this scale have been put in doubt by the UK Government’s proposed cut to the feed-in-tariff rate. However, utilities may still gain the benefits of solar PV through installations built around power purchase agreements of the type used in this project that offer long-term price certainty in environment of rising energy prices.”

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