New UK focused solar developer Climate ER has secured funding for £250 million worth of utility scale projects.
It is targeting a pipeline within the next two years of 500MW, thanks to the backing from a solar investor "of global repute" the company said. Following this point, the company has access to further funding tranches to help grow further.
Early funds are already being deployed to commence the immediate development of 80MW of grid secured projects, and more are expected to follow in Q4 of 2020.
"Our team has worked diligently over the past 18 months to forge strong relationships with landowners and our development partners,” said Owen Saward, planning and development director at Climate ER.
“We are now in a position to accelerate active development across multiple sites. With a highly specialised skillset, extensive network and exclusive arrangements with key service providers, particularly in respect to grid intelligence, we have a competitive advantage that will enable us to contribute significantly to a carbon neutral UK.”
The company has been launched by Owen Saward, who previously held positions at REG Power Management and Canopy Environmental Planning, together with Terence Franka, who previously held positions at SSE and Canadian Solar as commercial and operations director, and Max Galledari, who has worked at Black Peral Capital and Axepoint Capital as financial director. Collectively they have developed 750MW of solar power independently.
Climate ER is currently working on a 27MW solar development, Swift Ford Solar Farm in Rugby, together with Canadian Solar.