Hanwha Q CELLS’s two UK solar projects, the 24.8MW Green End plant and 20.4MW Fenland plant, were put online in March 2015. For the plants operation, Q CELLS has closed a GBP 40.3 million non-recourse financing from Bayerische Landesbank. Both plants have been qualified for the UK Government's Renewable Obligation scheme, under which they receive Renewable Obligation Certificates (ROCs) for 20 years.
In addition to loan provided by Bayerische Landesbank,EDF Energy, the UK's largest producer of low-carbon electricity, will purchase the solar energy under 15 year power purchase agreements with the two plants.
Jose Joaquin Munoz Osuna, VP EMEA Project Finance of Hanwha Q CELLS, said "We are very pleased to announce the refinancing of our initial UK-solar portfolio with Bayern LB. With this transaction complete, we can now focus on our expanding activities in developing, constructing and acquiring further renewable generation assets. The close working relationship we are forming with Bayern LB is a win-win for both companies and supports our strategy."
John Cockin, Business Services Director of EDF Energy, said "We look forward to working closely with Hanwha Q CELLS in helping achieve its strategic goals and supporting investment in renewable generation, through the provision of bankable power purchase agreements."