Foresight Group (“Foresight”), the leading UK solar photovoltaic (PV) investor, and Solarcentury, the leading designer and installer of UK PV systems, have agreed a financing and installation package to roll-out commercial scale rooftop PV. This has been driven by the UK’s implementation of a feed-in tariff incentive mechanism for PV earlier this year.
Foresight will finance the installations from its Foresight Solar VCT fund, its third dedicated solar fund. Foresight’s other solar funds have invested in more than £150 million of operating PV assets in Italy and Spain.
Jamie Richards, who manages Foresight’s solar funds, comments:
“Having built utility scale PV plants in southern Europe, we understand the importance of working with experienced contractors with a track record of delivering high quality power plants. The bankability of the contractor is key to enhancing returns through re-financings and exit.”
Solarcentury is the UK’s most experienced solar photovoltaic company, having delivered over 1,000 projects in the country; many built with Solarcentury designed products. It was recently named the fastest growing energy company in the UK by the Sunday Times Tech Track.
Derry Newman, CEO of Solarcentury, comments:
“Rapid deployment is important in this sector, and we value working with experienced investors who understand the nature of PV installation contracts; this allows us to focus on identifying suitable opportunities and accelerating the roll out of PV. We look forward to maintaining our lead in the market with this additional project funding line.”
Solarcentury is one of Europe's fastest growing and most innovative solar photovoltaics (PV) companies. It is the UK’s most experienced PV company. The private organisation was founded by Executive Chairman Jeremy Leggett in 1998. Solarcentury, now over 100 staff, continues to grow rapidly with staff levels expected to rise by another 30% in 2010/11 to meet increasing demand for products and services in the UK and throughout the EU. The company is led by CEO Derry Newman, ex Managing Director Sony UK, and based in London, with staff in the UK, France, Italy and Spain.
Since 1998, Solarcentury has managed the installation of well over 1000 solar PV turnkey projects. Solarcentury has helped thousands of homes go solar through its supply of systems to house builders and through its network of regional associate installers. It is the founding company of the schools initiative Solar4Schools. Solarcentury's turnover was £34.5m from 2009 to 2010. In 2008 and 2010 Solarcentury was named the UK’s Fastest Growing Energy Company by UK’s Sunday Times Tech Track 100. In 2009 and 2010 the company was named in the world's top 100 most promising private clean technology companies as a 'Global Cleantech 100 company' by Guardian News and Media and Cleantech Group. www.solarcentury.com