Published on March 26th, 2015 | by Mridul Chadha2
EDF Energy Signs 104 MW Deal With Primrose Solar In UK
March 26th, 2015 by Mridul Chadha
EDF Energy, which is involved in power generation and supply in the UK, has announced the signing of a power purchase agreement with one of the leading solar power project developers in the country to procure more than 100 MW.
Primrose Solar will supply solar power from projects with a cumulative capacity of 104 MW over a period of 15 years to EDF Energy. As per the terms of the deal, Primrose Solar will get a guaranteed minimum tariff which would be linked to inflation. This would result in increased revenue for Primrose, and a significant portion of this revenue would be risk free due to guaranteed floor price, thereby improving Primrose’s ability to raise debt funding for future projects.
Giles Clark, CEO, Primrose Solar, said: “We’re very pleased to be working with EDF Energy as a provider of secure, long-term agreements for the sale of the power that we generate at our solar farms. Working with a high credit rated entity such as EDF Energy is particularly attractive to Primrose Solar.”
Primrose Solar has an installed solar photovoltaic (PV) power capacity of 156 MW through 9 projects across UK. A tenth project, with 28 MW capacity, is under construction and the company hopes to have it commissioned before 1 April 2015 to be eligible for Renewable Obligation Certificate (ROC).
Earlier this month Primrose Solar commissioned UK’s largest solar power project with capacity of 48 MW.
The deal has been signed amidst rising concerns over the declining attractiveness of UK’s solar power market given that the government is looking to reduce some of the incentives available to the project developers. EDF’s deal with Primrose Solar would address such fear about the UK solar market, John Cockin of EDF Energy said.
Follow CleanTechnica on Google News.
It will make you happy & help you live in peace for the rest of your life.