Low Carbon to construct three large-scale solar farms, using finance facilitated by NatWest, Lloyds Bank and AIB

Low Carbon to construct three large-scale solar farms, using finance facilitated by NatWest, Lloyds Bank and AIB

Time Stamp: December 5, 2022 4:39 AM
Source Node: 1775013

The solar farms are the first UK projects to be funded through a multi-bank financing facility which aims to construct 1GW of new solar capacity

Low Carbon, the global renewable energy company, has today announced the construction of three new large-scale solar farms.

Located in Essex, Derbyshire and Buckinghamshire, the farms will be the first UK projects to receive funding using the business’s multi-bank financing facility from NatWest, Lloyds Bank, and AIB. Announced in September, the facility is targeting 1GW of solar capacity, as part of Low Carbon’s target to create 20GW of new renewable energy capacity by the end of the decade. The news follows Low Carbon’s recent announcement of four solar farms totalling 53.1MW entering construction in the Netherlands

Construction at Fox Covert Solar Farm, Buckinghamshire, is due to commence imminently, with an intended capacity of 23.4MW. At its peak, the site will generate enough clean renewable electricity to power the equivalent of more than 7,300 homes and provide electricity directly to the local distribution network. Work on the other two sites, at the Inkersall Road Solar Farm in Derbyshire and the St Clere’s Solar Farm in Essex, will begin in the early new year. They will have a capacity of 28.8MW and 23MW respectively.

With a combined capacity of over 75MW, the three sites represent an important addition to Low Carbon’s growing project portfolio in the UK, Europe and North America. Once operational, the projects are expected to avoid approximately 16,000 tonnes of CO2e emissions annually, helping decarbonise the energy sector in line with the UK’s net zero ambitions.

The design and build of all three projects will be delivered by Bouygues Energies & Services, a global leader in energy, digital and industrial transformation, and will also be nominated for Bouygues Construction’s TopSite label, a new accreditation recognising exemplary operations at construction sites. TopSite is a recognised indicator of all areas of Corporate Social Responsibility (CSR) including health and safety, the environment, human resources, social engagement, quality and customer satisfaction.

Commenting on today’s announcement, Roy Bedlow, Chief Executive and Founder at Low Carbon, said: “Climate change is a shared global challenge, in which the energy sector plays a major part. Amidst soaring energy prices, the rapid creation of new renewable energy capacity is essential to many UK homes and businesses. We are therefore delighted to be announcing the first three of many UK-based projects financed with the help of NatWest, Lloyds Bank and AIB.

Only by accelerating the rollout of clean, affordable energy can we fully decarbonise and achieve our shared climate goals. Today’s announcement also marks an important step towards Low Carbon’s own strategic targets of net zero and 20GW of new renewable energy capacity by 2030.”

Gregory Allouis, Energy Solutions Director at Bouygues Energies & Services added: “We are delighted to have been selected by Low Carbon for the design and build of these three large-scale solar farms, having already delivered a number of high-performance solar farm projects in recent years. This is not only testament to our technical expertise, proven track record in the Solar PV market and strengthening partnership with Low Carbon, but to the core values on sustainability we uphold as well as our strong commitment to supporting clients on their path to net zero in the fight against climate change.”

 ENDS

About Low Carbon

Low Carbon is a global renewable energy company committed to the development and operation of renewable energy at scale. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar PV, wind, energy storage, waste-to-energy and energy efficiency. Low Carbon, a certified B Corp, has a proven track record in the development, construction, financing and management of renewable energy assets and remains involved in the projects for the long term with a dedicated asset management team that manages assets on balance sheet and for third parties. With a significant international renewable energy pipeline in development, Low Carbon is well-positioned to capitalise on opportunities as the need for renewable energy and energy security increases.

www.lowcarbon.com

Time Stamp:

More from Low Carbon