Lumicity Sells £200m Of UK Solar Projects To Conergy Via Wirsol
British renewable energy developer Lumicity announced that it has sold its portfolio of UK solar projects to Wirsol Solar UK, a subsidiary of the Conergy Group, one of the world's largest downstream solar companies. The portfolio has an estimated build value of £200m (USD340m / EUR250m).
Building on its relationships with farmers and landowners, Lumicity has successfully developed a significant portfolio of solar projects in the southern UK over the past four years. The sale to industry leaders, Conergy Group, represents the culmination of these efforts and is an excellent achievement, underlining the quality of the assembled pipeline. It is also an important milestone for Lumicity's customers, paving the way for the next stage in the projects' construction.
The portfolio consists of a number of projects with planning approval, a number having been submitted for planning and the remainder in advanced stages of development. The Conergy Group intends to develop and build the projects, which could add 166MWp in new clean power generation capacity to the UK grid, equivalent to the annual demand of around 80,000 homes.
Lumicity is a developer of solar and biomass projects in the UK, and has developed solar projects with a combined power output of 62MWp. In biomass, the company continues to build on its recent success "“ a record 30MW transaction with Bernard Matthews, the largest portfolio of UK biomass projects to date.
Lumicity is backed by Greencoat Capital, the investment adviser to the Irish state utility ESB, and Ludgate, an institutional private equity firm focusing on energy and industrial efficiency. Conergy is ranked among the top five biggest companies for the Engineering, Procurement and Construction (EPC) of solar plants in the UK, with over 120MWp of capacity built to date, and constructions worldwide totalling 650MWp.
Tristan Fischer, Chief Executive Officer of Lumicity, said: "Partnering with Conergy is great news for Lumicity's customers and will ensure the projects will be built quickly and to the highest standards."
Alexander Gorski, Global COO, Conergy Group, said: "Lumicity has a strong record in the development of renewable energy projects, and the deal will support the Conergy Group as it expands its development pipeline in the UK. As they are completed, the projects will add significant new capacity to the UK grid, supporting efforts to increase renewable energy power generation."
