Blackfinch Acquires Solar Farm Project In Wales
Blackfinch Investments has announced the acquisition of a new solar farm project, Llwyndyrus Solar Farm Ltd, in North Wales. The acquisition, from Wiltshire based developer Luminous Energy, has the planning, grid connection offer and option for lease in place to install a 6MW solar farm. Blackfinch Investments Limited, part of Blackfinch Group, is a leading investor in the renewable energy space. Its portfolio includes 33 renewable energy sites across the UK, including Northern Ireland.
The site is located near to Pwllheli on the Llŷn Peninsula in North West Wales. Construction is due to be completed by the end of 2019. The project will be one of the first subsidy-free solar farms to be built in Wales. The project was acquired from Luminous Energy through Blackfinch's renewable energy investment entity, Sedgwick Trading Limited.
Guy Lavarack, Investment Director at Blackfinch, said: “We expect this to be the first of several subsidy-free solar developments in which we invest. This project will help to increase the resilience of the local farming community while creating a meaningful contribution to local renewable energy generation. The megawatts generated will be exportable to the Grid.”
Luminous Energy is managing the development of the project. As an independent developer Luminous specialises in the planning and development of large-scale solar farms and energy storage systems.
David Bryson, Director at Luminous Energy said: “This is an exciting time for subsidy free solar in the UK and our relationship with Blackfinch Investments represents a fantastic opportunity to work alongside a fast-growing and dynamic renewable energy investor to help deliver clean power for the UK.”
TLT provided the legal advice behind the deal completion. This enabled Blackfinch to arrive at an optimal solution in line with business targets.
Antonia Silvestri, Corporate Partner at TLT says: “We are delighted to have worked with Blackfinch on another renewable energy acquisition and continue to support their growth ambitions in the sector. The solar sector remains resilient despite the changes in subsidy support and TLT is proud to play a role in further promoting the development of clean energy projects.”
An active firm in the renewable energy space, Blackfinch is looking to expand its portfolio as the market continues to evolve and deliver strong returns for investors. The team remains focused on investing in and developing sites across the UK.
Lavarack adds: “We hope this is the first of many projects in collaboration with TLT and Luminous Energy. I look forward to continuing our work with both organisations as the project moves into the next phase of development”.