Latest news with #NationallySignificantInfrastructure
Sky News
06-04-2025
- Business
- Sky News
Eco-tycoon Vince weighs sale of solar energy project
The energy group founded by Dale Vince, the eco-tycoon, is kicking off a hunt for investors in a solar park which is expected to become one of Britain's biggest renewable energy projects. Sky News understands that Ecotricity, Mr Vince's company, has hired KPMG to explore talks with prospective investors or buyers for the project at Heckington Fen in Lincolnshire. The development was approved by Ed Miliband, the energy secretary, earlier this year, and when completed it is expected to generate roughly 600MW of solar power. It has been designated a Nationally Significant Infrastructure Project by the government. Heckington Fen will also provide 400MW of battery storage capacity. According to documents circulated to potential bidders, Ecotricity is prioritising the sale of 100% of the project, but is open to retaining a minority stake. The company wants to complete a deal during the third quarter of the year. Responding to an enquiry from Sky News, Mr Vince said: "Heckington Fen is a fabulous opportunity; it's also a massive one, possibly the biggest onshore renewable initiative in Britain. "The project is shovel-ready with a grid connection in 2028 - something which is increasingly hard to find these days. "Whilst this is a great project which is going to go ahead, the sums of money required to build this alone in a short timeframe, means we're looking for investors or partners to help make this happen."
Yahoo
17-03-2025
- Business
- Yahoo
Quinbrook Closes UK's Largest Solar PV + Battery Storage Project Financing for Cleve Hill Solar Park
Up to GBP 238.5 million closed for the country's largest solar + battery storage project under construction LONDON, March 17, 2025--(BUSINESS WIRE)--Quinbrook Infrastructure Partners ("Quinbrook"), a specialist global investment manager focused exclusively on the infrastructure needed for the energy transition, today announced the close of a record debt financing for Cleve Hill Solar Park ("Cleve Hill"), the UK's largest solar + battery storage project under construction and first to be consented as a Nationally Significant Infrastructure Project. The 373 MW solar + 150 MW battery energy storage system (BESS) in Kent are expected to commence operations in 2025. The project financing, combining a GBP 218.5 million term loan and a GBP 20 million VAT facility, is provided by Lloyds and NatWest. The financing is the largest solar + battery storage project financing ever closed in the UK and was arranged in two tranches, with the term loans for the solar PV completed in August 2024 and for the BESS facility in March 2025. "Cleve Hill is a model for the development and financing of future large-scale projects in the UK that can meaningfully support the country's decarbonisation goals while spurring economic growth and long-term job opportunities for local communities," said Keith Gains, Managing Director and UK Regional Leader for Quinbrook. "The record-breaking financing secured is the latest milestone for this flagship project and our success here is a testament to the hard work and close collaboration of the Quinbrook and Private Energy Partners teams and our lending partners." The revenue contracts secured for the project are critical to underwriting the project financing. In addition to securing the largest award for a UK solar project in Round 4 of the government's 15-year Contract for Difference auction scheme and the landmark offtake agreement with Tesco PLC for 65% of the solar generation, the project will also benefit from a 15-year Capacity Market Agreement for the BESS. This agreement ensures that the project is compensated for having its power generation capabilities ready and available during periods of high demand, enhancing grid reliability. The Capacity Market Agreement brings the total contracted and index linked revenues for the project to over GBP 480 million. James Taylor, Head of Infrastructure & Project Finance at Lloyds said: "This landmark energy infrastructure project is another boost to the UK's attractiveness as a destination for investment. As one of the UK's largest retail and commercial banks, we work with businesses across the country to provide our support for projects that will help to deliver economic growth, provide energy security, and create jobs." Lyudmil Banev, Director, Project Finance at NatWest said: "We are proud to have continued our global partnership with Quinbrook working together closely from the early stages of Cleve Hill to structure and underwrite a complete financing for the first and largest Co-Location NSIP in the UK. Cleve Hill is a cornerstone transaction for the UK market delivering material new renewable capacity whilst alleviating grid constraints, with a sizeable local community and biodiversity benefit. We see Co-location as a highly strategic sector with leading potential to become a centrepiece of UK's medium-term decarbonisation story." Cleve Hill was granted development consent in May 2020 and is expected to help reduce carbon emissions by more than 142,000 tonnes in the first year of operations while also seeking to deliver a net gain of over 67 percent in biodiversity. The project is also expected to support over 2,500 direct and indirect jobs over its lifetime and generate more than GBP 114 million in local socio-economic benefits. "When this project was envisioned over five years ago, we knew solar + battery storage projects of this scale would play a critical role in accelerating the UK's transition and Cleve Hill is a prime example of how strategic investments can enhance national energy infrastructure," added Rory Quinlan, Quinbrook's Co-Founder and Managing Partner. Quinbrook was advised by Norton Rose Fulbright. About QuinbrookQuinbrook Infrastructure Partners ( is a specialist investment manager focused exclusively on the infrastructure needed to drive the energy transition in the UK, US, and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c. USD 6.9 billion of equity capital in 40 GW of energy infrastructure assets representing a total transaction value of USD 29.8 billion. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale onshore wind and solar power, battery storage, reserve peaking capacity, biomass, fugitive methane recovery, hydro and flexible energy management solutions in the UK, US, and Australia. Quinbrook is currently developing and constructing some of the largest renewables and storage infrastructure projects in the UK, US, and Australia. View source version on Contacts Media: Jennifer Pflieger+1 (212) 446-1866jpflieger@
BBC News
25-02-2025
- Business
- BBC News
Botley West solar farm brings 'positive and negative' impacts
A council's views on plans to build one of Europe's largest solar farms have been drafted ahead of being submitted to the government's Planning Oxfordshire District Council's submission regarding the Botley West Solar Farm proposal was discussed by the authority's Development Control Committee at a meeting on document sites the scale of the project as creating a "potential for significant and widespread positive and negative impacts".Botley West is a proposed £800m solar farm, covering about 1,000 hectares (2,471 acres) of Oxfordshire countryside. The project is considered a Nationally Significant Infrastructure Project, meaning the application must be considered by the government, not local part of the planning process, relevant parties, including the local authorities in which the development sits, can submit their response to the of the committee meeting, Andy Graham, leader of West Oxfordshire District Council, said the authority would submit a "well-considered, evidence-based response"."By taking this approach, we can make a properly informed and impactful submission that will carry more weight," he Graham added the council had "worked closely with local communities" in forming its authority's drafted submission predominantly discusses the environmental impact of the proposed solar questions the use of greenbelt land around Oxford, adding the development would "result in a fundamental change to the landscape character" in an area that is currently "attractive rural countryside".Photovolt Development Partners (PVDP) submitted its plan for the site to the Planning Inspectorate in has said, if approved, the facility would generate 840MW of renewable energy to the National Grid - enough to power the equivalent of 330,000 homes. You can follow BBC Oxfordshire on Facebook, X, or Instagram.
