Element Power Solar completes sale of 6MW UK solar parks

Element Power Solar has announced the sale of two solar PV projects with a total capacity of 6MW to funds managed by alternative asset manager, Foresight Group.

The two solar projects at Puriton West (4MW) and Summerway Drove (2MW) were developed by Element Power Solar in partnership with Dublin-based BNRG Renewables.  

Proposed changes to the FiT rate for large-scale solar meant that the construction window for both projects had to reduce from 12 to 3 months. Mike O’Neill, President and COO of Element Power said, “We are delighted to finalise the sale of these two projects. It is clear testimony to Element Power Solar’s capital strength, deep knowledge of the photovoltaic market and ability to identify and establish high-class partnerships that we have succeeded when so many other projects failed because of legislative uncertainty.”

“Unlike many companies within the UK solar sector we have overcome various unforeseen challenges during the last 12 months. BNRG’s partnership with Element Power Solar has left us as one of a small number of developers to successfully commission commercial scale projects in the UK,” commented David Maguire, Director of BNRG Renewables.

Ricardo Piñeiro, Investment Manager at Foresight, said, “Commercial-scale FiT solar projects continue to be an attractive investment proposition. We are delighted to add these two projects to our growing portfolio of solar assets increasing our UK portfolio to 16MW.”