Wirsol Acquire Two Subsidiary Free Solar Parks
Wirsol Energy , the company responsible for the UK and Australian markets within WIRCON Group has announced that it has acquired the project rights for two new projects that will be constructed and connected to the grid during the first half of 2018. Construction will begin in January 2018 and WIRSOL is in the final stages of securing a long term PPA and debt such that these projects will be held within the group. These projects form the beginnings of a portfolio of circa 150MWp that will be built over the next 12-18 months. The portfolio will consist of six projects ranging in size from 7MWp to circa 45MWp.
This acquisition follows on from the recent announcement that WIRSOL's joint venture with HIVE Energy for the development of the Cleve Hill Solar Park. With a proposed DC Capacity exceeding 350MWp the project is designated as a Nationally Significant Infrastructure Project; currently in the consultation phase planning submission is scheduled for mid-2018.
Mark Hogan, Managing Director of WIRSOL, commented: "Within WIRSOL we pride ourselves on the ability to change and adapt with market conditions and with our competence in specific project finance we are able to build on our emerging reputation of delivering assets of high quality and performance. These parks will be designed such that battery storage can be added to the projects at a later stage once the economics and warranties match our investment criteria. We are close but not there yet and as such storage will be phase 2 of the project build out. The UK and its energy market form a key cornerstone of the WIRSOL business under my responsibility, along with Australia where we already have a market leading position with 400MWp under construction and a further 470MWp in development for rollout before 2020. Truly unique and exciting times on our very own Solarcoaster!"
Peter Vest, Managing Director of WIRCON declared: "The UK team, which is also leading our market entry into Australia, is achieving some remarkable results. We continue to focus on these key geographies as we rollout the solar projects and look to deploy additional technologies which are accretive to the fiscal returns of our global business. Having recently secured additional group funding for specific geographies we now plan on capturing long term yields and optimizing returns to our shareholders, key stake holders and partners. The next 2-3 years within WIRCON and WIRSOL are set to be challenging but hugely exciting."