Hanwha Q CELLS today announced that it has closed the financing of two solar power plants in Cambridgeshire, England, totalling 45.2MW in capacity. The two plants, Green End (24.8MW) and Fenland (20.4MW), were both connected in March 2015 and therefore qualify for the UK Government's Renewable Obligation scheme.
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 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."