Low Carbon’s joint venture, LC Energy, finances its first 48MWs of Solar Projects in the Netherlands
LC Energy announces deal with Blue Elephant for a portfolio of construction-ready projects across the Netherlands
The move demonstrates Low Carbon’s growing international reach and underlines the critical role it is playing in moving towards a cleaner, greener future
Low Carbon-backed LC Energy has agreed a deal with Blue Elephant, a Hamburg-based independent operator of solar and wind farms, for the Anglo-Dutch partnership’s portfolio of four construction-ready solar PV projects across the Netherlands.
Located across the South East and East of the country, the sites have a combined capacity of 48 MW. LC Energy will continue to support Blue Elephant through the construction process, leveraging its expertise in grid connection, permitting, and land management to support the projects’ long-term success. Blue Elephant will be the long-term operator of the sites, adding up their Dutch solar portfolio to 443 MW with this transaction.
For LC Energy, established in 2017 by leading UK renewable energy and asset management company Low Carbon and Arnhem-based engineering consultancy and renewable developer QING, the deal represents a major step towards the company’s goal of developing 500MW of large-scale solar in the Netherlands. It is also Low Carbon’s first major solar power deal in mainland Europe, demonstrating the company’s growing international reach and its extensive pipeline of renewable energy projects as we move towards a carbon neutral future.
Each of the sites has been granted planning, a grid connection offer and an SDE+ subsidy contract following a significant programme of investment. By working closely with both Low Carbon and QING, LC Energy has built on its exceptional track record of developing and financing new solar parks.
Commenting on the landmark announcement, Roy Bedlow, Chief Executive and Founder of Low Carbon said: “We couldn’t be more delighted with the incredible work LC Energy has completed in developing this solar portfolio despite the restrictions of the Covid-19 pandemic. Not only is Low Carbon proud to support the Netherlands in its bid to reduce carbon emissions by 49% by 2030 but this project epitomises our emphasis on quality, an approach we take in all renewable energy projects from concept through to delivery. This collaboration with Blue Elephant marks the start of our ambition to deliver renewable energy projects at scale across mainland Europe.”
Martin Ruiter from LC Energy added: “Our management team has an exceptional record of developing high quality solar projects in the Netherlands. This quartet of projects is one of our finest achievements to date, and I look forward to working with Blue Elephant to see all four through to completion.”
Tim Kallas, Chief Investment Officer of Blue Elephant said: “We are delighted to have concluded the first transaction with LC Energy and to add another 48 MWp to our rapidly growing solar portfolio in the Netherlands, now summing up to roughly 443 MWp and increasing our overall renewable portfolio to around 890 MW. We are happy to contribute with each single renewable energy project towards a more sustainable and cleaner energy supply.”
ENDS
About LC Energy
LC Energy is a company formed by Low Carbon and Arnhem-based QING with the goal of developing 500MW of large-scale solar in the Netherlands. In doing so, the LC Energy team – experts with a strong track record in the development of large-scale solar parks – is helping to accelerate the global energy transition.
About Low Carbon
Low Carbon is a leading renewable energy investment and asset management company committed to the development and operation of renewable energy at scale. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar PV, wind, energy storage, waste-to-energy and energy efficiency.
A certified B Corp, Low Carbon has a proven track record in the development, construction, financing and management of renewable energy assets and remains involved in the projects for the long term with a dedicated asset management team that manages assets on balance sheet and for third parties. The team is actively engaged in the UK and European waste-to-energy market and with a renewable energy pipeline of more than 4GW, the business is well-positioned to capitalise on opportunities as the need for renewable energy and energy security increases.
About Qing
Qing is a top 50 engineering firm in the Netherlands. Qing’s consultants, project managers and engineers deliver innovative and sustainable solutions in the field of industrial automation, special machinery and renewable energy. Their renewable energy development team are specialists in all aspects of the development process, including land contracting, project permitting, technical design, financial and construction management.
About Blue Elephant Energy AG
Blue Elephant Energy AG acquires and operates solar and wind parks, as well as other infrastructure projects in the renewable energy sector.
BEE’s aim is to build up a high-class portfolio of renewable energy assets to grow the world´s renewable energy supply and to provide its shareholders with attractive returns. BEE is currently active in seven different markets and possesses a renewable energy portfolio of 889.7 MW. BEE invests in sustainable projects that generate long term predictable cash flows. BEE partners in particular with project developers who value BEE’s reliability and dynamic approach and are looking for repeatable business. BEE is investing in politically stable regions and acquires ready-to-build or operating solar and wind farms.