Low Carbon reaches financial close on 385 MW portfolio of solar and storage projects
Major milestone for Low Carbon will see 290 MW of solar and 95 MW of battery storage capacity enter construction in the UK
23 January 2024 – Global renewable energy company Low Carbon has announced that it has reached financial close on a 385 MW portfolio of solar and co-located battery storage projects.
The 385 MW portfolio, most of which will enter construction in early 2024, is part of a large pipeline of solar and battery storage projects in excess of 3 GW in the UK as Low Carbon scales up to becoming a leading Independent Power Producer (IPP).
The construction of the portfolio will be delivered by leading international EPC contractors, Equans, through its subsidiary Bouygues Energies & Services, and Elmya, while Trina Storage will provide the battery storage systems for the portfolio.
Once operational, the 290 MW of solar capacity will avoid approximately 130,000 tonnes of CO2 emissions annually and is expected to power the equivalent of 85,000 homes.
Since the beginning of 2022, Low Carbon has raised approximately £1bn in finance to support its strategic goal of maximising the creation of large-scale renewable energy globally.
Commenting on the announcement, Chief Investment Officer at Low Carbon, Steve Mack said:
“We are delighted to have reached financial close on this large portfolio of renewable assets, which will contribute towards the UK’s aim of achieving net zero and our own target of delivering 20 GW of new renewable capacity by 2030. This milestone reflects the tireless work of our development teams and supply chain partners over several years.
“The team is particularly excited to begin constructing 95 MW of co-located two-hour battery storage assets, a key enabling technology that will help accelerate the transition. The deployment of storage alongside our solar assets is an efficient use of limited grid capacity and will support the UK’s efforts to tackle climate change.”
ENDS
ABOUT LOW CARBON
Low Carbon creates large-scale renewable energy to fight climate change. We’re building a net-zero energy company that will protect the planet for future generations. This defining purpose drives us to deliver for our communities, investors, and the environment.
We are a long-standing certified B-Corporation and recognised as gold standard for our environmental impact.
We invest in, develop, and operate solar, wind, energy storage, and energy from waste projects across the UK, Europe, and North America. We’re contributing to the world’s move to 100% renewable energy by creating and operating 20GW of new capacity by 2030.
Low Carbon is on a mission. Together, we will power tomorrow.
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Harry Padfield
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