Solarplicity divests 133 MW of solar assets
Solarplicity, an estasblished UK renewable energy provider, has completed the sale of 133MW of solar assets.
The transaction is for a UK-wide portfolio of 22 ground-based and 6 roof-top solar assets. The projects are all eligible for subsidy payments under the Renewable Obligation Certificates or Feed-in-Tariff schemes both of which are adjusted in line with RPI. Solarplicity Service Ltd will continue to operate and maintain the portfolio over the long term.
Solarplicity was advised by KPMG (lead financial advisor) and Osborne Clarke (legal).
The deal releases capital for Solarplicity to invest further in its ground-breaking commitment to "˜simply lower energy bills' for consumers and businesses.
"This is a major step in the evolution of Solarplicity as we develop from a solar construction group into a vertically integrated energy group," said CEO, David Elbourne. "At the heart is our commitment to investing in radical new ways to provide lower energy prices for our customers without any cost to the environment. We are determined to end the "˜same old, same old' of the big six and provide UK homes and businesses with cost-effective, green alternatives."
Solarplicity recently announced an £160m investment programme backed by Dutch firm, MAAS Capital that will provide 800,000 social housing households with solar panels, resulting in £192m in energy savings per year, an average per household of £240, and create 1000 new jobs.
Solarplicity demonstrated its commitment to "˜simply lower energy bills' through kick-starting its campaign to end fuel poverty in partnership with Community Energy England. This highlighted startling statistics including that three in ten Britons are too scared of crippling fuel bills to put their heating on. Solarplicity is giving 1m kWh of energy to 100 elderly individuals most in need as part of this launch campaign.
"Fuel poverty "“ where households spend more than 10% of their monthly income on fuel "“ has to end," said David Elbourne. "Our customers want simple to understand, reduced energy bills and help with reducing their energy consumption further through simple things like free LEDs. Solarplicity has today released capital required to help us to assist in fighting fuel poverty by switching and saving from the standard big six energy giants."
Adrian Scholtz, Head of Power and Utilities M&A at KPMG, commented: "We are pleased to have acted for Solarplicity in respect of this significant transaction, which continues our ongoing relationship with the team. The sale will facilitate Solarplicity's continued progress towards being a market leading vertically integrated energy company, developing the firm's proposition as a leading provider of solar PV and storage solutions to the social housing sector."
James Watson, Osborne Clarke Energy Projects Partner, commented: "We've really enjoyed working with Solarplicity on such a large sale. The sale is significant not only for its size but because it sees Solarplicity evolve from solar construction group into a vertically integrated energy group with specialist expertise in servicing the social housing market. Having worked with Solarplicity since its formation, it's been really exciting to be part of this progression."
