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”.
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.