The Latest Sustainable Energy News from Low Carbon

Low Carbon invests in Nur Energie to propel the global adoption of utility scale clean energy

Nur Energie’s flagship solar project in Tunisia could provide clean reliable power to 2.5 Million UK homes by 2018

London, 11th June 2014 – Low Carbon, the renewable energy investment company, today announces it has increased its stake in Nur Energie, a multi-technology solar power plant developer in the Mediterranean. Both companies share the same objective of reducing dependence on fossil fuels by leveraging new technologies in renewables, which has encouraged Low Carbon to invest in the Nur Energie, now making it one of the company’s largest shareholders.

Low Carbon invests in renewable energy companies and projects embracing innovations such as solar photovoltaic, concentrated solar power, wind and anaerobic digestion technologies. So far, through its investments, the company has funded, is building and/or operating sustainable initiatives with a renewable energy capacity of more than 350MW.

As global demand for renewable energy grows, it is becoming increasingly important that renewable energy projects are built to a scale that has a significant effect on the decarbonisation of electricity grids. It is also important that these projects support national energy providers and enable them to provide customers with reliable power at the lowest possible cost. Nur Energie’s focus is to develop utility scale solar power plants, primarily in the Mediterranean region, that can provide low carbon power for both national and international grids. The company’s flagship project, TuNur, is a 2GW solar project in the Tunisian Sahara that will be connected to the European grid via a dedicated cable. Once the power is landed in Europe it will provide clean power to 2.5 Million UK and European homes. Low Carbon sees this as a potential game changer that will position Nur as a key player in the UK and European energy markets.

Roy Bedlow, chief executive officer at Low Carbon said: “We founded Low Carbon with the intention of making a significant impact on the causes of climate change – reducing the overwhelming reliance on fossil fuels. By engaging with Nur Energie, we can both increase our global reach to encompass crucial developments in the Mediterranean region while supporting a tried and tested technology that will generate utility scale renewable energy to be deployed in the UK and Europe”.

Kevin Sara, chief executive officer of Nur Energie commented: “Since day one Nur Energie has been focused on utility scale climate change mitigation by opening new energy corridors. This latest investment by Low Carbon will help drive this strategy and together we will be a strong force in helping to decarbonise Europe  at an affordable price”.

 

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About Low Carbon

Low Carbon is a privately owned investment company, committed to the development and operation of renewable energy power production.  Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar, wind, anaerobic digestion and concentrated solar power.  The company has a strong management team with a proven track record in the development, construction, financing and management of more than 350MW of UK renewable energy assets.  Low Carbon also has a dedicated asset management team that currently manages assets on balance sheet and for third parties (unlisted and listed).

About Nur Energie

Nur Energie is an independent solar power plant developer focused on significant climate change mitigation by opening new energy corridors. Nur is developing utility scale concentrated solar power (“CSP”) and photovoltaic (“PV”) projects in Southern Europe and North Africa that are capable of producing low carbon, base load power at competitive prices, all whilst generating significant socio economic benefits within the regions it develops in. Nur currently has over 2,200MW of under development in Greece, Morocco, Tunisia and France.

EDF Energy partners with Low Carbon to accelerate growing pipeline of renewable energy projects

How EDF Energy’s Power Purchase Agreement meets three key criteria for the fast growing renewable energy investor

Low Carbon invests in new renewable energy projects, including utility-scale solar farms, in the UK. To date it has enabled the deployment of approximately £200 million to renewable energy investments to further the development of more than 200MW of renewable capacity. Low Carbon’s portfolio of renewable energy projects is growing rapidly. In 2013 Low Carbon began collaborating with Macquarie Capital to deliver a portfolio of up to 300MW of solar parks in the UK. Under the collaboration agreement, Macquarie will provide the funding required to construct a portfolio of solar projects in the UK that could power up to 100,000 homes per year. This growth led Low Carbon to review the Power Purchase Agreements (PPA) through which they sold their electricity output and renewable energy certificates. For a renewable developer, a PPA is the tool that makes everything else possible as it secures the revenue streams that pay for the development of a site into a generation asset. During the first quarter of 2014, Low Carbon commissioned five solar park developments backed by a PPA signed with EDF Energy at the end of 2013. Low Carbon selected EDF Energy as their offtaker because the electricity company was able to provide a PPA that meets three key criteria for the fast growing renewable energy investor.

1. Competitive pricing. EDF Energy’s PPA provides Low Carbon with competitive and clear pricing that separates the different components and allows the energy price achieved to be benchmarked against public third party sources. This gives Low Carbon the security that the price it achieves for its power output is fair and market reflective

2. Accelerate new developments. The PPA contract is structured to enable Low Carbon to add new developments in a highly repeatable manner. This arrangement reduces Low Carbon’s lead times and project risk as it brings new developments to the point it can commission construction. Developing new renewable energy projects is a lengthy complicated process involving land owners, planning authorities, electricity network operators, funders and technical assessments. Typically all contracts – for land tenancy, grid connection and funding – need to be in place on the same day or the project risks unravelling before construction is due to start. Having a good PPA and sound offtaker in place ticks off a key feasibility phase task for Low Carbon. Confidence that EDF Energy can mobilise the PPA quickly on the day of completion allows time for all the other contracts to be signed within a day as those parties can see the means to future revenues are in place. This reduces a principal risk at the point of financial closure of the project.

3. Stability. The structure of the PPA – with competitive, clear pricing and a single purchaser of all products – backed by a large, stable, creditworthy PPA provider in EDF Energy, enables Low Carbon to continue catalysing investment in new renewable projects.

Low Carbon now has five of its newest developments with a capacity of 60MW active on its PPA structure with EDF Energy.

Notes To Editors

ABOUT LOW CARBON LIMITED

Low Carbon is a privately-owned UK investment company specialising in renewable energy. By investing in, owning and operating renewable energy projects, we are committed to making a positive and significant impact on the causes of climate change. Managing assets on balance sheet for listed and unlisted third parties, we facilitate investment in solar photovoltaic (PV), concentrated solar power, wind and anaerobic digestion technologies. Our dedicated team has an excellent track record in solar assets, over 200MW of which we have funded and built and/or operated – a total we expect to increase as needs for renewable energy grow and opportunities for our investor partners gather pace. In the first quarter of 2014, Low Carbon commissioned five new solar parks with a maximum generating capacity of 60MW – sufficient renewable energy to power approximately 17,500 3-bedroom homes per annum (based on Ofgem estimates). The five sites with EDF Energy as the PPA provider are located in Pembrokeshire, Cornwall, Wiltshire and Suffolk.

EDF Energy
EDF Energy is one of the UK’s largest energy companies and the largest producer of low-carbon electricity, producing around one-fifth of the nation’s electricity from its nuclear power stations, wind farms, coal and gas power stations and combined heat and power plants. The company supplies gas and electricity to 5.8 million business and residential customer accounts and is the biggest supplier of electricity by volume in Great Britain. EDF Energy’s safe and secure operation of its eight existing nuclear power stations at sites across the country makes it the UK’s largest generator of low carbon electricity. EDF Energy is also leading the UK’s nuclear renaissance and has published plans to build four new nuclear plants, subject to the right investment framework. These new plants could generate enough low carbon electricity for about 40% of Britain’s homes. They would make an important contribution to the UK’s future needs for clean, secure and affordable energy. The project is already creating business and job opportunities for British companies and workers.

Through Our Sustainability Commitments, EDF Energy has developed one of the biggest environmental and social programmes of any British energy company. In 2013 EDF Energy received seven “Big Ticks” in the Business in the Community (BITC) Responsible Business Awards, including a Platinum Big Tick in BITC’s Corporate Responsibility Index. EDF Energy also received the Environmental Leadership for Behavioural Change Award in the national 2013 Environment and Energy Awards and was highly commended in the first ever pan European Corporate Social Responsibility Awards scheme for its Sustainable Schools programme – the Pod.

EDF was an official partner and the official electricity supplier to the London 2012 Olympic and Paralympic Games. The company supplied electricity to the Olympic Park which was backed by low-carbon sources: 80% from nuclear and 20% from renewable generation.

EDF Energy is part of EDF Group, one of Europe’s largest power companies. The company employs around 15,000 people at locations across the UK.

Low Carbon commissions 73MW across seven new solar parks

 London, 2 April 2014 – Low Carbon, an investor, owner and operator of UK solar parks, has today announced the commissioning of the Lackford Estate Solar Park, a 20.9MW solar park in Suffolk as part of a total of seven new UK solar parks commissioned in 2014. The solar parks, which in total will generate approximately 73MW of power – enough to power more than 21,000 homes or a town the size of Torquay for a year* – are located in Cornwall, Devon, Wiltshire and Pembrokeshire.

The solar parks unveiled today include the first investments to be announced under the collaboration agreement Low Carbon has in place with Macquarie Capital which, over the next two years, will see the Company look to build and commission a total of up to 300MW of solar parks in the UK.

Commenting on the news, Low Carbon chief investment officer John Cole said: “The commissioning of seven new solar parks so early in the year demonstrates the momentum we have achieved at Low Carbon. Including these seven new solar parks, we have now funded more than 200MW of utility scale solar PV projects in the UK and increased our total to 114MW of solar parks that we currently manage. Through the outstanding work of our dedicated investment and asset management teams we are continuing to enhance our reputation for delivering high quality projects on time and on budget.”

He continued: “By unveiling today the commissioning of seven new solar parks in the first quarter of the year, we are showing our commitment to the UK solar industry. The UK’s energy needs are such that the grid of the twenty first century must embrace a range of solutions, with renewable energy taking a larger share. Solar is a credible, proven technology with a stable generation profile. We remain long term investors in the UK renewable energy market and are delighted to be partnering with leading banks including Macquarie to scale up our portfolio of assets to take advantage of this improving backdrop.”

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About Low Carbon 

Low Carbon is a privately-owned UK investment company. By investing in, owning and operating renewable energy projects, we are committed to making a positive and significant impact on the causes of climate change. Managing assets on balance sheet for listed and unlisted third parties, we facilitate investment in solar photovoltaic (PV), concentrated solar power, wind and anaerobic digestion technologies. Our dedicated team has an excellent track record in solar assets, over 200MW of which we have funded and built and/or operated – a total we expect to increase along with demand for renewable energy and its opportunities for our investor partners.

Low Carbon continues to strengthen leadership team

New hire to drive marketing at renewable investment company 

London, UK – 18th February 2014 – Today Low Carbon, the renewable energy investment company, announces the appointment of Quentin Scott as marketing director. Scott’s appointment will be the company’s second hire in the senior leadership team in the last three months.

Quentin Scott will be responsible for delivering integrated marketing programmes aimed at increasing awareness for the brand among specific target markets including developers, industry influencers and investors.

Prior to joining Low Carbon, Quentin was the UK marketing director at BlackBerry bringing more than 16 years of experience building brand awareness in business-to-business and business-to-consumer environments.

Roy Bedlow, chief executive, Low Carbon, comments, “Quentin will be an integral addition to Low Carbon as he has the skill set to take a complex topic such as climate change and communicate it in a simple and digestible way which enables people to understand how they can make an impact to address this issue. Further to this, as the organisation continues to grow, supporting this growth with a strong senior leadership team will be crucial. ”

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About Low Carbon 

Low Carbon is a privately owned investment company, committed to the development and operation of renewable energy power production. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar, wind, anaerobic digestion and concentrated solar power. Low Carbon has a strong management team with a proven track record in development, construction, financing and management of UK solar assets, with over 180MW funded and in construction and operation today. Low Carbon remains involved in the projects for the long term. Low Carbon has a dedicated asset management team that currently manages assets on balance sheet and for third parties (unlisted and listed).

Low Carbon and Macquarie 300MW UK solar project builds momentum

 Latest phase includes a further two sites producing 34MW of solar power 

London, 16 January 2014 – Low Carbon, the renewable energy investment company, and Macquarie Capital have today announced the launch of the second phase of their collaboration revealed last year. The latest two sites will produce 34MW of solar power, sufficient energy to power almost 10,000 homes per year (based on OFGEM estimates).

The sites based in Wiltshire and East Anglia are set be operational in the first half of 2014, and will produce 13MW and 21MW respectively.

In November 2013, Low Carbon and Macquarie announced that they would be collaborating to deliver a portfolio of up to 300MW solar projects in the UK, of which Macquarie would provide the construction funding. The first phase included three sites already in construction, on track to deliver 26MW in the first half of 2014. The arrangement will see a series of solar photovoltaic (PV) projects that could power up to 100,000 homes per year. This second phase marks the fourth and fifth sites to go into construction following the agreement.

John Cole, chief investment officer at Low Carbon said: “We’ve really hit the ground running in 2014 and are excited to get another two sites into construction from this investment. These projects demonstrate again our ability to quickly and effectively manage and package low risk renewables projects for investment. We are firmly committed to creating a low carbon future by reducing carbon emissions whilst making use of technological advances in photovoltaics to provide returns to investors. This is reflected in what we are trying to achieve in this project.” 

Mark Dooley, Head of Development Capital at Macquarie commented: “The funding of two further projects within six weeks demonstrates the effectiveness of the partnership model Macquarie has developed together with Low Carbon. Macquarie’s funding solution has enabled the Low Carbon team to continue to focus on developing and preparing projects for investment, while allowing Macquarie to deploy capital quickly and efficiently into high quality renewable energy investments.” 

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About Low Carbon 

Low Carbon is a privately owned investment company, committed to the development and operation of renewable energy power production. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar, wind, anaerobic digestion and concentrated solar power. Low Carbon has a strong management team with a proven track record in development, construction, financing and management of UK solar assets, with over 160MW funded and in construction and operation today. Low Carbon remains involved in the projects for the long term. Low Carbon has a dedicated asset management team that currently manages assets on balance sheet and for third parties (unlisted and listed).

About Macquarie Group 

Macquarie Group (Macquarie) is a leading provider of banking, financing, advisory, investment and fund management services. The Group has offices in all major financial centres. Founded in 1969, Macquarie employs more than 13,900 people in 28 countries. At 30 September 2013, Macquarie had assets under management of £222 billion.