Wotech Solar has today announced the completion of the sale of 50MWp of UK solar projects to renewable energy investment company GreenEnergy Solar Fund , for a total consideration of £32million.
 
The transaction consists of two 25MWp solar projects,  one of which is already commissioned, and the second will reach connection in the first half of 2021. Both sites are being constructed using high-quality components and the latest Solar module technology, to maximise generation and returns. Once operational, the combined installed capacity of the two sites will produce enough renewable electricity to power the equivalent of c.13,000 UK households per year and will increase installed capacity by almost 7%.
 
The renewable energy produced by this portfolio via a 15-year power purchase agreement (PPA) covering c.75% of the solar power generated. This contract will provide long-term returns for Green energy and the portfolio is expected to generate stable power generation for a 20-year lifespan.
 
Mr She, Global Head of Structured Finance at Wotech Solar commented: “We’re excited to close the sale of this portfolio to GreenEnergy Solar Fund. Wotech Solar prides itself on developing high quality solar assets that offer attractive, long-term returns to owners and investors. This transaction further demonstrates our ability to structure projects with strong market appeal, providing financial and sustainability benefits to investors, off-takers and partners worldwide.”
 
David, Managing Director of GreenEnergy Capital commented: “The portfolio is an excellent fit for GreenEnergy Solar Fund, and we’re pleased to be partnering with Wotech Solar on the acquisition of these two projects, which once fully operating bring the total installed capacity of our portfolio to 400MWp.”
 
Wotech Solar expects to bring further UK projects to market in 2021 as an integral part of its development strategy, balancing growing its IPP platform with value creation via the M&A market.
 
info@wotechsolar.com