Solar Power Inc. (SPI), a vertically integrated solar power company headquartered in China, has signed a non-binding heads of terms agreement with British EPC Global Renewable Construction Limited Group for the acquisition of 50 MW of solar PV projects.
The pipeline includes a raft of solar plants that are currently under construction across Wales and parts of the Midlands, England, with completion dates penciled in for the third quarter of this year and the first quarter of next year.
Commissioned to qualify for accreditation under the U.K.s Renewable Obligation Certificate (ROC) at a rate of 1.3 ROC/MWh, each of the ground-mount solar projects is less than 5 MW in size. Some of the smaller projects are also eligible for the feed-in tariff (FIT), confirmed SPI.
"This announcement marks another significant step forward in building SPIs leading presence in the U.K., one of the most promising PV markets globally with highly attractive FIT and ROC 1.3 incentives," said SPI chairman Xiaofeng Peng. "As our second recently announced agreement with a major U.K. developer, we are confident that our efforts to grow and diversify SPIs global PV portfolio in the U.K. and Europe will continue to gain momentum."
SPIs approach to the U.K.s larger-scale solar market post the recent ROC changes that took effect on April 1 is expected to be mirrored by other solar companies keen on enjoying the benefits of the still-attractive British solar market available to projects under 5 MW, which qualify for the ROC at 1.3/MWh.