The 30 MWp Bracks solar project in Cambridgeshire has been sold to UK Railway Pension Scheme, managed by Railpen. This is the second cooperation between the two companies after the sale of Tralorg Wind Farm in 2019.
Scurf Dyke near Hull, a co-located solar project where a utility scale battery will be linked to an 80 MWp solar farm, has been sold to a fund managed by investment advisor and asset manager, re:cap global investors. Both projects are currently under construction by BayWa r.e. and are expected to be commissioned in 2023.
BayWa r.e. has entered into 20-year-agreements to provide long term O&M as well as commercial asset management services for both solar projects. These projects add to a growing UK portfolio, where BayWa r.e. currently manages and operates over 2 GW of renewable energy assets.
Benedikt Ortmann, Global Director of Solar Projects at BayWa r.e. said: “Identifying, developing and selling high quality renewable energy projects is the driving force behind BayWa r.e.'s fast global growth. The sale of these two projects in short succession is testament to not only the UK team’s ambitions, but BayWa r.e.’s expertise as a whole. It highlights our capabilities across the development of renewable energy and storage projects, which are now highly demanded investment objects on the market.”
The sale of these projects follows success this year in the UK Contracts for Difference (CfD) Allocation Round 4 process, which saw BayWa r.e. secure CfDs for eight renewable energy projects (including Bracks and Scurf Dyke), totalling over 330 MW across onshore wind and solar. BayWa r.e. UK’s total pipeline now stands at 2.4 GW.
John Milligan, Managing Director, UK & Ireland at BayWa r.e., said: “Securing reliable and economic long term supply of domestically generated energy is more essential than ever in the face of the climate and energy crises. The implementation of renewable energy projects is key to this, and we are delighted to have brought these two sites to the point of being attractive investment opportunities for our customers. These projects will also make an important contribution to the UK government’s ambitions in meeting its Net Zero emission commitment by 2050. We look forward to continuing our work in the UK to help achieve vital sustainability goals.”
These sales follow other recent successful transactions of more than 140 MW of wind and solar capacity in France, Spain and Germany.