Hanwha Q Cells has closed financing on two solar power plants in Cambridgeshire, England, totaling 45.2 MW in capacity.
Financing for the operation of the solar plants has been provided by Bayerische Landesbank (Bayern LB), which provided 40.3 million pounds in nonrecourse loans.
The two plants, Green End (24.8 MW) and Fenland (20.4 MW), were both connected in March and therefore qualify to receive Renewable Obligation Certificates for 20 years. EDF Energy will purchase the solar energy under 15 year power purchase agreements with the two plants.
‘We are very pleased to announce the refinancing of our initial U.K. solar portfolio with Bayern LB,’ says Jose Joaquin Munoz Osuna, vice president of Europe, Middle East and Africa project finance at Hanwha Q Cells. ‘With this transaction complete, we can now focus on our expanding activities in developing, constructing and acquiring further renewable generation assets.’