WIRSOL Energy complete the connection of 19 Solar Projects across the UK
The 105MWp financed by Bayern LB have all been successfully connected to grid
WIRSOL Energy Ltd (WIRSOL), the company responsible for the UK and Australian markets within WIRCON Group today announces that it has successfully connected 19 solar parks. The 19 solar sites located in England and Northern Ireland total 105.5 MWp and range from 20.5MWp to 2.5 MWp, all are connected under the Renewable Obligation schemes ranging from 1.4NI-ROC to 1.2ROC. The parks had non-recourse debt financing provided by Bayern LB totalling circa £88m.
Mark Hogan, Managing Director of WIRSOL, commented: “I am truly grateful to the entire team at WIRSOL Energy and the unwavering support from our parent WIRCON GmbH without whom this achievement would not have been possible. Through the collaboration of our trusted sub-contractors, Land & Power, Solfen, 33 KV, Mind4Energy, Secure-Site, we have created a team that is both nimble in the deployment of sites whilst maintaining quality levels which I believe are second to none. We have used OST as our technical advisors across all sites, both through the placing of the £88m debt and the ongoing construction monitoring. Cameron McKenna CMS LLP have acted as our legal representatives on all deals and Elgar Middleton were our financial advisors in securing the debt with Bayern LB and the PPAs with both Statkraft and Power NI. Our teamwork and enthusiasm to do the business with market leaders have been the cornerstone of our success in building out these solar parks.”
Peter Vest, Managing Director of WIRCON declared: “We are delighted to have achieved the successful connection of all solar parks ahead of the March 31st Renewable Obligation deadline. This is a testament to the teamwork that we seek to embrace and foster within the Wirsol Group. We now look forward to continued success with solar projects in the UK, Australia, Netherlands, Spain, France and Germany as we build our business and solar park footprint internationally.”
WIRSOL now is looking forward to further deployment of solar in the UK under non-subsidized schemes and is building a large portfolio in Australia. Last month WIRSOL announced a 198 MWp solar deal across three sites which is fully funded and financed, the largest solar deal to date in Australia with construction starting immediately. The Wirsol Energy team will be very busy over coming months.
Karin Schramm, Senior Director of Project Finance at BayernLB, commented, “BayernLB has a long and successful history of providing long-term finance within the renewables sector and we are pleased to have aligned with WIRSOL on these projects and the ultimate successful connection across all solar sites in the portfolio. The team at WIRSOL have worked closely with BayernLB throughout, the communication and quality of build as commented recently by the Technical Advisers OST as being amongst the best they have seen has been exceptional, a true team effort from all parties. We have now financed well in excess of 1GW alone in the UK market and working with strategic partners such as the WIRCON group is key. We look forward to further collaboration both here in the UK and further afield, to further enhance our excellent relationship with WIRCON group.”
About WIRCON GmbH:
WIRCON GmbH is a customer focused company in planning, financing, installation and maintenance of renewable power stations of all sizes. WIRCON brings all of these components together smoothly for customers and investors. WIRCON focuses on carefully selected large onshore wind and solar projects together with integrated energy management and storage solutions. Our market is addressed under the own brands WIRCON and WIRSOL as well as in close collaboration with energy providers looking for de-centralized renewable solutions to enhance their so far commodity based business models. Part of the business is O&M as well as insurance, service and direct marketing and delivery of renewable energy through selected partners. For additional information visit: www.wircon.eu
Bayerische Landesbank is an experienced and committed lender to the renewable energy sector, having for many years provided financing solutions to renewable energy companies focused on solar, wind, solar thermal and geothermal technologies, throughout Europe and North America.