British Solar Renewables confirms innovative joint venture with Santander to invest in the construction of 56.5MW of UK Solar PV projects at three sites across the UK.
The sites are located in areas with high light levels in West Cornwall, East Dorset and North Norfolk, and will be constructed by March 2014 by the leading Spanish EPC, Isolux Corsan, using panels provided by ReneSola. Grid connections will be provided by BSR's own connections unit Renewable Energy Connections.
Planning for the sites was gained on first application following significant dialogue with all local parties and having gained support from the respective planning authorities. In line with their on-going strategy, British Solar Renewables identified these strategic sites for their proximity to grid connections, use of poor quality agricultural land and their unobtrusive impact on local residents. All three projects are fully compliant with the UK Solar Trade Association's guidelines for the siting and development of large scale arrays.
Oliver Alexander, Executive Director at Santander commented "We are delighted to be working with one of the leading UK solar developers. We have been impressed with British Solar Renewables' integrated platform and their growth aspirations, and we look forward to this being the start of a long term investment partnership. Working with British Solar Renewables is in line with our strategy of backing best-in-class developers and projects in the UK market".
David Peill, Commercial Director of British Solar Renewables, said "We are excited to enter into this relationship with Santander. By adding these sites to our existing projects currently under construction by our own in-house EPC team, we will be delivering an additional 90MW of solar parks under the 1.6 ROC regime. All of the parks have been incubated in-house from site identification through to achieving planning and grid consents".
Angus Macdonald, Managing Director of British Solar Renewables stated "As British Solar Renewables continues to expand its significant pipeline of solar parks, it is very much looking forward to building a relationship with arguably the most established and experienced investment partner in the renewable industry".
British Solar Renewables were advised by Jones Lang LaSalle and S.J. Berwin, Santander were advised by Watson, Farley & Williams on this transaction.
