News Article
Britain's First Sun Park Gets The Green Light
Ecotricity begins first PV field
Ecotricity's plans to develop a series of Sun Parks - fields of photovoltaic (PV) panels producing electricity from sunlight and connecting directly into the UK grid - took a big step forward this week with the announcement of planning permission for its first project. The planning permission for Ecotricity's first Sun Park, a 1MW array of panels located adjacent to one of its Wind Parks in Lincolnshire, has been granted by East Lindsey Council.
Ecotricity expects to commence work at the site within just a few weeks and have it fully operational by March next year, which will make it the UK's very first large scale, grid connected, sun park.
This project will also be one of the first in the world to combine the energy of both the wind and the sun into one. These two power sources are complementary and Ecotricity sees a major role for such hybrid energy parks in the future. Ecotricity's adjacent Wind Park at Fen Farm has been making green electricity for its customers since it was built in 2008.
The photovoltaic (PV) panels will stand in 59 rows just 2 metres high on a 4.7 acre (1.9 hectare) site, and with a capacity of 1MW will make enough green electricity for around 280 average homes each year for the next 25 years.
And in another ground breaking development for the UK's leading Green Energy company - its first Sun Park will be funded by the proceeds of its new Ecobonds. EcoBonds are a new initiative from Ecotricity. Their purpose is to allow people to take part in the Green Energy revolution, and to share in its benefits, without having to install things on their roof tops. Ecobonds are also a way to 'cut out the middlemen' - the banks who post credit crunch are paying savers very little while charging far higher rates to borrowers (like Ecotricity).
This first Sun Park will be the very first project funded by Ecobonds - within days of the offer period closing on the 10th of Dec.
EcoBonds are fixed rate, with an initial 4-year term, paying an annual rate of interest of 7%, or 7.5% for Ecotricity customers. Open to UK-based individuals, companies, trusts, charities and other legal entities, EcoBonds are subject to a minimum £500 investment and applications are being accepted until 10 December 2010.
Dale Vince OBE, founder of Ecotricity, said, "This is a really exciting new initiative for us and for the UK. It's not just a new green power source we can harness on a large scale through our Sun Parks - but also the chance to combine that with wind energy. The two are complementary technologies, for example, in winter when there is less sun there's typically more wind, and vice versa in the summer.
"This is real 'power to the people' stuff too - there's no better demonstration that the money we raise through our EcoBonds will go straight into building new sources of Green Energy for Britain. And it gives our customers and others the chance to be a part of the Green Energy revolution we so badly need here."
Solar PV panels work in daylight even under the UK's cloudy and dull skies, have almost no impact on the ground below, and are easily removable and almost completely recyclable at their end of their useful life.
The 'energy payback' of the site - the time it takes to repay the energy used to create the solar panels - is expected to be just two years, and they will keep on producing clean energy for around 25 years.
