Energy asset management company, Neas Energy has announced that it has signed a 15-year long power purchase agreement (PPA) with three solar farms in the UK.

The three solar farms total 21MW of capacity and are located in Devon, Hampshire and Dorset.

Commenting on the deal, Soren Petersen, managing director at Neas Energy Ltd said: “The contracts are an important step in expanding our activities in the market for balancing and trading of renewables in the UK. With many solar and wind power projects under development the electricity market will experience a rapid influx from renewables. This increases the demand for commercial production management and balancing services for renewables, which is our core business.

“Banks and other financial institutions supplying project financing for renewable energy projects are a critical stakeholder in settling the financial terms of PPAs. The contract with Ingenious Media is audited by their project financer Barclays PLC, which is a great reference for us.”

Ingenious has been named as the fund manager of the renewable energy EIS fund, the company’s investment director for the clean energy division, Jeremy Milne, explained the company’s decision: “The UK government strongly support renewable energy generation to mitigate rising energy prices and carbon emissions. This gives Ingenious Clean Energy and our clients a chance to participate in the emerging ‘green economy’.”

The agreement marks 200MW under management in the UK by Neas Energy. “We have high ambitions within trading and balancing of renewable energy in the UK. Reaching 200 MW proves that we have gained a foothold in the UK and I consider this an important milestone for our UK activities,” added Petersen.

All three solar farms were developed and constructed by British Solar Renewables.