NextEnergy Capital Group has secured a £100 million credit line from Spanish lender Santander as it aims to connect the U.K.’s largest solar plant to the grid this year.
The oil giant says it will use the electricity provided by two 50 MW batteries to optimize the integration of renewables nearby. The task will be undertaken by the group’s Limejump unit. The energy storage units are set to be operational this year.
NESF and Zestec have joined forces for the development of a commercial portfolio in the U.K. NESF provides the capital, which will be refinanced through the proprietary PPA model by Zestec.
The UK energy technology company said the new contract will provide 120 MW of solar generation through its Limejump Virtual Power Platform. The energy bought from NextEnergy Solar Fund will then be traded on the national grid.
Amid falling costs across the industry, Guernsey-based investment company NextEnergy Solar Fund is planning to develop four solar plants totaling 59.8 MW without the U.K. government’s financial backing.
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