European Energy has secured Contracts for Difference (CfD) for three solar projects in the UK with a total capacity of 116 MWp in the UK government's Allocation Round 7a (AR7a).
This is stated by European Energy in a press release.
The three projects – Church Farm, Manor Farm and Old Hall Farm – are located in Nottinghamshire, Oxfordshire and Leicestershire respectively. The contracts have been entered into with a strike price of 65.23 pounds/MWh in 2024 prices, which are index-adjusted over 20 years. The CfD scheme provides long-term revenue security and is intended to support the further development and construction of the three projects.
- Today's auction result is an important milestone for our projects and our UK team. The revenue security from the CfD scheme will help us accelerate the delivery of new renewable energy generation and the long-term economic and social impact,” said Adam Spearey, UK Development Director at European Energy.
A total of 4.9 GW of solar capacity was awarded in the auction round, which the UK authorities say is the largest total capacity and number of projects for solar since the CfD scheme was introduced. In total, 14.7 GW of new renewable energy was secured across technologies.
European Energy has been active in the UK for more than a decade, developing, constructing and operating wind and solar projects in England, Scotland and Wales. The company currently has four solar farms under construction in the country, all supported by corporate power purchase agreements. In addition, the company has 300 MW of solar and battery capacity in the structuring phase, with a further 736 MW under development. The portfolio also includes PtX projects.
- The UK remains a core market for European Energy. Securing contracts for three projects in a highly competitive auction underlines the strength of our development and M&A activities in the country. We will continue to develop, build, partner and divest projects as part of our long-term approach to the UK market, says Thorvald Spanggaard, EVP and Head of Project Development at European Energy.
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