Magnetar Solar (UK) purchases solar farm portfolio from Solarcentury
Solarcentury today announced that Magnetar Solar (UK) Ltd has purchased Solarcentury’s 71MWp pipeline of solar PV projects, and has selected Solarcentury to build an additional 40MWp of projects for Magnetar Solar.
Frans van den Heuvel, CEO of Solarcentury said, “We are pleased to announce the sale of our solar portfolio to Magnetar Solar. With eight sites already under construction, the close working relationship we are forming with Magnetar Solar is a win-win for both companies and supports the urgent need to develop renewable energy sources to improve the UK’s energy independence. We are delighted that Magnetar Solar has selected Solarcentury as a partner for its projects and we are very pleased to be working with a world-class investor like Magnetar Solar for the sale of our own sites.”
“The government’s goal to increase the UK’s solar energy capacity and decrease its dependence on fossil fuels has made solar an extremely attractive market,” said Alan Shaffran, a director of Magnetar Solar. “We’re pleased to be partnering with Solarcentury to expand our solar energy portfolio and construct worthwhile solar projects such as these to help boost the UK’s solar industry.”
Background on the acquisition:
To date, the companies have agreed to construct eight solar farms with a total capacity of 111 MWp. The portfolio developed by Solarcentury and sold to Magnetar Solar consists of four sites ranging from 7MWp to 28MWp. The companies have also signed agreements for the construction of four sites from Magnetar Solar’s existing portfolio totalling 40MWp. All of the projects are expected to be constructed prior to the end of March 2015 and connected under 1.4ROCs. Solarcentury will act as the principal Engineering, Procurement and Construction (EPC) contactor as well as Operation and Maintenance (O&M) provider for all of these projects.
About Magnetar Solar (UK) Ltd
Magnetar Solar (UK) Ltd is wholly-owned by entities advised by Magnetar Capital affiliates. Based in London, Magnetar Solar acquires and operates large-scale solar parks. Currently, Magnetar Solar owns twenty-five UK-based solar farms capable of generating 300MW. Approximately one-third are operational and the balance are under construction and scheduled to be connected under 1.4 ROCs by the end of March 2015.
