NextEnergy Capital has marked the completion of its first utility-scale solar PV installation in the UK with the launch of a new solar strategy for the country. The bank’s WiseEnergy subsidiary will offer asset management services to institutional solar investors in the UK.
NextEnergy Capital’s Trevemper solar installation, a 2MW development which was commissioned this week and constructed over the summer, is the first to benefit from the WiseEnergy service. The firm is also in talks with a series of utility-scale UK solar developers for the completion of their comprehensive management and operation responsibilities.
Aldo Beolchini, Director at WiseEnergy said,“There are over twenty professional solar project owners in the City that have been impacted by changes to UK solar subsidy and policy. Similar to NextEnergy Capital, these investors had no choice but to complete the construction of their most advanced developments and shelve plans for a much bigger portfolio of UK solar assets. It no longer makes sense for these owners to invest in their own in-house asset management teams. The solution is outsourcing. We have brought our WiseEnergy subsidiary to the UK to fill this gap in the market.
“Asset management is a fundamental requirement in the solar sector, where people underestimate the potential for performance optimisation and the need to ensure professional technical management. There is a common misconception that PV stands for ‘Plain Vanilla’ and that these assets can be left to operate on their own following grid connection; this is far from being true and our experience demonstrates that with active management these plants can perform better than expected, with exponential impact on the financial returns. With over fifty years’ combined solar management experience, our team is well placed to offer the UK market the independent asset management it now clearly needs.”
NextEnergy Capital remains committed to UK solar development but will now, through its NextPower Development arm, focus on residential PV networks and commercial and industrial rooftop installations. The bank is raising approximately £50 million in capital and actively seeks development and investment opportunities in this space.