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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
New large-scale solar farms to be built in UK
14/12/2022
News
The construction of three large-scale solar farms by Low Carbon will be the first UK projects to be funded through a multi-bank financing facility.
Located in Essex, Derbyshire and Buckinghamshire, the farms will be the first UK projects to receive funding using the business’s multi-bank financing facility from NatWest, Lloyds Bank and AIB. Announced in September 2022, the facility is targeting 1 GW of solar capacity, as part of Low Carbon’s target to create 20 GW of new renewable energy capacity by the end of the decade.
Construction at Fox Covert Solar Farm, Buckinghamshire, is due to begin imminently, with an intended capacity of 23.4 MW. At its peak, the site is expected to generate enough energy to power the equivalent of more than 7,300 homes and provide electricity directly to the local distribution network.
Work on the other two sites, at the Inkersall Road Solar Farm in Derbyshire and the St Clere’s Solar Farm in Essex, will begin early in the new year. They will have a capacity of 28.8 MW and 23 MW respectively. Once operational, the projects are expected to avoid approximately 16,000 t/y of CO2 emissions.
Commenting on the announcement, Roy Bedlow, Chief Executive, Low Carbon, said: ‘Climate change is a shared global challenge, in which the energy sector plays a major part. Amidst soaring energy prices, the rapid creation of new renewable energy capacity is essential to many UK homes and businesses. We are therefore delighted to be announcing the first three of many UK-based projects financed with the help of NatWest, Lloyds Bank and AIB.’
