Hanwha Q Cells GmbH, a wholly owned subsidiary of South Korea-based Hanwha Q Cells Co. Ltd., has signed and closed a share purchase agreement to sell a portfolio of three PV power plants operating in the U.K. to NextEnergy Solar Fund Ltd.
The projects were sold for a total of GBP 61.7 million, or $90 million, plus working capital. The portfolio is fully financed with nonrecourse loans totaling GBP 45.4 million provided by Bayerische Landesbank. Hanwha says the financing will remain in place until 2032.
All three power plants – Fenland (20.4 MW), Green End (24.8 MW) and Tower Hill (8.1 MW) – were built and connected to the grid in the first quarter of 2015 and are operating under the 1.4 Renewables Obligation Certificate regime.
In total, 203,150 high-quality Hanwha Q Cells PV modules will generate enough clean electricity to power 15,700 households annually.