SEOUL, South Korea — Hanwha Q CELLS has closed the financing of two solar power plants in Cambridgeshire, England, totalling 45.2 MW in capacity.
The two plants, Green End (24.8 MW) and Fenland (20.4 MW), were both connected in March 2015 and therefore qualify for the UK Government’s Renewable Obligation scheme, under which they receive Renewable Obligation Certificates (ROCs) for 20 years.
Financing for the operation of the solar plants has been provided by Bayerische Landesbank, which provided a GBP 40.3 million non-recourse loan.
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.”
Alexander von Dobschutz, Bayerische Landesbank’s Managing Director, Global Head of Financial Institutions and Structured Finance said “We are delighted to support our client Hanwha Q CELLS in the financing of their first UK solar projects. Through this financing we are both supporting the growth strategy of Hanwha Q CELLS and also further establishing our strong position in the UK renewables market.”
John Cockin, Business Services Director of EDF Energy, said “Partnering with Hanwha Q CELLS has been an excellent opportunity for EDF Energy to further demonstrate its commitment to low carbon generation in the UK. 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.”
About Hanwha Q CELLS
In February 2015 Hanwha Q CELLS Co., Ltd. (NASDAQ: HQCL) emerged as a new global solar power leader from combining two of the world´s most recognized photovoltaic manufacturers, Hanwha SolarOne and Hanwha Q CELLS. The combined company is listed on NASDAQ under the trading symbol of HQCL. It is headquartered in Seoul, South Korea, (Global Executive Headquarters) and Thalheim, Germany (Technology & Innovation Headquarters) and is the world’s largest solar cell manufacturer as well as one of the largest photovoltaic module manufacturers. Due to its diverse international production setup including facilities in China, Malaysia and South Korea, Hanwha Q CELLS is in the unique position to flexibly address market needs globally, even including certain key markets with import tariffs, such as the USA and the European Union. Based on its well respected “Engineered in Germany” technology, innovation and quality, Hanwha Q CELLS offers the entire range of outstanding photovoltaic products, applications and solutions, from modules to kits to systems to large scale solar power plants. The combined company is also engaged in downstream development and EPC business. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East the company provides excellent services and long-term partnership to its customers in the utility, commercial, government and residential markets.
About Bayerische Landesbank
Bayerische Landesbank is an experienced and committed lender to the renewable energy sector, having provided financing solutions for many years to renewable energy companies focussed on solar, wind, solar thermal and geothermal technologies throughout Europe.
About EDF Energy
EDF Energy is one of the UK’s largest energy companies and the largest producer of low-carbon electricity, producing around one fifth of the nation’s electricity from its nuclear power stations, wind farms, coal and gas power stations and combined heat and power plants. The company supplies gas and electricity to 6 million business and residential customer accounts and is the biggest supplier of electricity by volume in Great Britain. EDF Energy is part of EDF Group, one of Europe’s largest power companies. The company employs around 15,000 people at locations across the UK.