sPower (Sustainable Power Group), a renewable energy provider, and Camborne Capital, a prominent UK solar developer, today announced their first joint-acquisition of a 7MWdc solar PV project from developer RGE Energy UK.
Declan Mackle, CEO of Camborne Energy Group, commented, “This represents another milestone in the Camborne/sPower development portfolio in what has been a busy month for project acquisition. We have built an attractive pipeline of quality assets which we are looking forward to building out in the coming months.”
The site, located in Ceredigion in the South of Wales, achieved planning permission in February. Construction will commence immediately to achieve accreditation before March 2015. Camborne is currently appointing an EPC contractor and will manage the build out process.
“The UK is the most attractive market in Europe at the moment with a stable investment climate and a favorable tariff incentive. It is a great place to do business and an exciting time to be involved in renewables in the UK,” said sPower CEO, Ryan Creamer.
Given the ambitious energy targets set by the UK government, the formal collaboration between sPower and Camborne is committed to supplying a large volume of sustainable and renewable energy to the UK energy mix. With ever-increasing concerns over blackouts, the accelerated deployment of renewable energy generation is essential.
Marcus Price, Managing Director of RGE Energy UK, said, “RGE has taken several sites through the planning process and these represent an attractive asset class to buyers like Camborne and sPower. We’re delighted to have closed this transaction with them so quickly and are looking forward to working together on further projects.”
Camborne and sPower were represented by Pinsent Masons LLP and RGE Energy UK by Wragge Lawrence Graham LLP.
About sPower: Headquartered in Salt Lake City, with offices in San Francisco and New York City, sPower is a leading independent power producer (IPP) that owns and/or operates more than 130 utility and distributed electrical generation systems across the United States. With greater than a gigawatt between construction and pipeline, sPower is actively buying renewable assets in any stage of development, as well as working to acquire operating sustainable energy projects in North America and the UK. Concurrently, sPower’s land division is seeking landowner partners to develop green energy projects and landowners with existing renewables assets who can benefit from liquidating current land leases. sPower is a portfolio company of Fir Tree Partners, a leading global investment fund with more than 20 years of investing history and approximately $13 billion of capital under management.
sPower’s growth (including: acquiring Tioga Energy’s operating assets; merging with Fir Tree Partners-backed Silverado Power; acquiring Bosch North American operating assets; appointing SunEdison founder Jigar Shah and ex-CAISO and former Southern California Edison president Bob Foster to the sPower Board of Directors; negotiating a collaboration agreement with Camborne Capital to expand to the UK solar market; and expanding sPower senior management with the promotion of CFO J.I. “Chip” Everest to president) has secured its position as a leader in the renewable energy industry since its founding in 2012. For more information, visit www.sPower.com.
About Camborne Capital: Camborne is one of the UK’s leading solar developers based in London. The Camborne team has developed from conception and sold more than 100MW of large-scale ground mounted solar projects in the UK since 2012. Camborne’s team comprises international expertise across multiple technologies including solar, off shore and on shore wind, biomass and tidal.
RGE Energy UK is a London-based developer and affiliate of Deutsche Eco AG. RGE has developed a portfolio of large-scale renewable assets throughout the UK. Through the combination of expertise, experience, and entrepreneurial spirit, RGE benefits from many years of expertise in constructing solar plants and expanded this knowledge into the wind sector.
Image:[GFDL or CC-BY-SA-3.0-2.5-2.0-1.0], via Wikimedia Commons