Australia-based CBD Energy Ltd. has contracts to develop 1.25 MW of rooftop solar installations at 22 schools located throughout the U.K.
The systems are expected to generate a combined annual output of approximately 1.09 GWh of electricity. The installations are supported by a 25-year power purchase agreement (PPA) with the schools, and will be managed by Secured Energy Bonds plc (SEB), CBD's wholly owned U.K. subsidiary. SEB will construct, own and operate these installations for their expected lifetimes.
SEB raised more than $12,366,000 through an over-subscribed retail ‘mini-bond’ that closed in December 2013 – a portion of which is allocated to the school projects.
‘These are quality assets that will generate a significant reduction in the energy overheads of all 22 schools,’ says Gerry McGowan, CEO of CBD Energy. ‘The program of installations also will deliver development profits as long-term cash flows to CBD Energy and its investors.’