Magnetar Solar (UK) purchases solar farm portfolio from Solarcentury
Solarcentury today announced that Magnetar Solar (UK) Ltd has purchased Solarcentury’s 71MWp pipeline of solar PV projects, and has selected Solarcentury to build an additional 40MWp of projects for Magnetar Solar.
Frans van den Heuvel, CEO of Solarcentury said, “We are pleased to announce the sale of our solar portfolio to Magnetar Solar. With eight sites already under construction, the close working relationship we are forming with Magnetar Solar is a win-win for both companies and supports the urgent need to develop renewable energy sources to improve the UK’s energy independence. We are delighted that Magnetar Solar has selected Solarcentury as a partner for its projects and we are very pleased to be working with a world-class investor like Magnetar Solar for the sale of our own sites.”
“The government’s goal to increase the UK’s solar energy capacity and decrease its dependence on fossil fuels has made solar an extremely attractive market,” said Alan Shaffran, a director of Magnetar Solar. “We’re pleased to be partnering with Solarcentury to expand our solar energy portfolio and construct worthwhile solar projects such as these to help boost the UK’s solar industry.”
Background on the acquisition:
To date, the companies have agreed to construct eight solar farms with a total capacity of 111 MWp. The portfolio developed by Solarcentury and sold to Magnetar Solar consists of four sites ranging from 7MWp to 28MWp. The companies have also signed agreements for the construction of four sites from Magnetar Solar’s existing portfolio totalling 40MWp. All of the projects are expected to be constructed prior to the end of March 2015 and connected under 1.4ROCs. Solarcentury will act as the principal Engineering, Procurement and Construction (EPC) contactor as well as Operation and Maintenance (O&M) provider for all of these projects.
About Magnetar Solar (UK) Ltd
Magnetar Solar (UK) Ltd is wholly-owned by entities advised by Magnetar Capital affiliates. Based in London, Magnetar Solar acquires and operates large-scale solar parks. Currently, Magnetar Solar owns twenty-five UK-based solar farms capable of generating 300MW. Approximately one-third are operational and the balance are under construction and scheduled to be connected under 1.4 ROCs by the end of March 2015.
Notes to editors
In November 2020 Solarcentury joined forces with Statkraft – read the press release here solarcenturyafrica.com/statkraft-acquires-solarcentury
About Solarcentury: Established in 1998, Solarcentury is a leading global solar power company that develops, constructs, owns and operates utility-scale solar and smart technology. Solarcentury is known internationally for developing and building some of the largest utility-scale solar projects in the UK, the Netherlands, Spain, Kenya and Mexico, including pioneering projects such as the world’s first solar bridge at Blackfriars Station in Central London.
Solarcentury’s mission is to make a meaningful difference in the global fight against climate chaos by making solar power the dominant energy source worldwide. During Solarcentury’s 22-year history the business has helped solar power become mainstream, and our projects have generated 6 billion kWh of clean electricity, saving over 1.7 million tonnes of CO2 emissions.
About Statkraft: Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 4,000 employees in 17 countries. www.statkraft.com
Solarcentury’s press office is available at PR@solarcentury.com.