Clydesdale Bank and Hanwha Q CELLS close financing on 5 MW UK solar park
Clydesdale Bank and Hanwha Q CELLS GmbH, the German subsidiary of one of the largest solar cell and module manufacturers in the world, have announced that financing has been closed on a 4.9 MW solar PV plant in the UK.
The WSE Bradley Road project was purchased by Hanwha Q CELLS on November 10, 2015, from a UK-based developer. Hanwha Q CELLS had served as the EPC contractor for the project, which was initially financed using the Company’s own equity.
Last month, financial close was reached for the refinancing of the equity investment in the Bradley Road solar plant between Hanwha Q CELLS and Clydesdale Bank. The total loan amount of GBP 3.6 million (€4.17 million) has a term of 15 years and will be fully repaid in 2034.
The Bradley Road solar plant was connected to the UK electricity grid in April 2016, and thus is eligible for subsidy support under the 1.3x Renewable Obligation Certificate (ROC) scheme until 2036. WSE Bradley Road has executed a 15-year power purchase agreement (PPA) for the purchase of benefits and solar electricity produced onsite.
Keith Wilson, Head of Renewable Energy at Clydesdale Bank, said: “We are delighted to have provided a project finance facility to support Hanwha Q Cells in the re-financing of their Bradley Road solar farm. The team has been a pleasure to work with and we look forward to assisting their vision of developing subsidy free solar projects in the UK over the coming years”.
Amit Yalov, Project Finance Manager for Hanwha Q CELLS, added: “Hanwha Q CELLS is delighted to have reached financial close for our Bradley Road solar project, and we are extremely pleased to become a client of Clydesdale Bank. We strongly believe in the UK solar market’s ability to shift to the post-ROCs era and to continue to develop as a stable and bankable destination for RES investors.”
Clydesdale Bank and Hanwha Q CELLS close financing on 5 MW Bradley Road solar park, UK
Clydesdale Bank and Hanwha Q CELLS GmbH, the German subsidiary of one of the largest solar cell and module manufacturers in the world, are pleased to announce that financing has been closed on a 4.9 MW solar PV plant in the UK.
The WSE Bradley Road project was purchased by Hanwha Q CELLS on November 10, 2015, from a UK-based developer. Hanwha Q CELLS had served as the EPC contractor for the project, which was initially financed using the Company’s own equity.
Last month, financial close was reached for the refinancing of the equity investment in the Bradley Road solar plant between Hanwha Q CELLS and Clydesdale Bank. The total loan amount of GBP 3.6 million (€4.17 million) has a term of 15 years and will be fully repaid in 2034.
The Bradley Road solar plant was connected to the UK electricity grid in April 2016, and thus is eligible for subsidy support under the 1.3x Renewable Obligation Certificate (ROC) scheme until 2036. WSE Bradley Road has executed a 15-year power purchase agreement (PPA) for the purchase of benefits and solar electricity produced onsite.
Keith Wilson, Head of Renewable Energy at Clydesdale Bank, said: “We are delighted to have provided a project finance facility to support Hanwha Q Cells in the re-financing of their Bradley Road solar farm. The team has been a pleasure to work with and we look forward to assisting their vision of developing subsidy free solar projects in the UK over the coming years”.
Amit Yalov, Project Finance Manager for Hanwha Q CELLS, added: “Hanwha Q CELLS is delighted to have reached financial close for our Bradley Road solar project, and we are extremely pleased to become a client of Clydesdale Bank. We strongly believe in the UK solar market’s ability to shift to the post-ROCs era and to continue to develop as a stable and bankable destination for RES investors.”
