The London-based developer revealed blockbusting annual figures which show it is debt free, has almost £20 million in the bank, raked in more than half that figure in net profits in 2018-19 and expects twice as much in a year’s time.
Renewable energy industry bodies are hailing the U.K. Energy Minister’s comments today that power should not be provided to the country’s electricity grid for free. She was referring to the ongoing debate over whether or not to end solar export tariffs.
Overall, the United Kingdom reached a cumulative installed PV power capacity of 12.93 GW as of the end of August. Around 45% of this is represented by solar parks exceeding 5 MW in size, while another 20% come from residential installations up to 4 kW. Newly installed PV capacity for the first eight months of this year was just 155 MW.
Despite many still believing green energy tariffs are more expensive, U.K.-based uSwitch finds that half of the 10 cheapest tariffs on the market are termed eco-friendly, thus challenging the big six energy suppliers.
While they remain the dominant source of energy supply, there was a shift away from fossil fuels to renewable energy in the U.K. last year. The country is “comfortably” on track to exceed its 30% renewables target, says the government.
The U.K. Government is proposing closing both generation and export tariffs for renewables on March 31, 2019. The country’s solar trade association calls for clarity on the policy framework going forward, for both industry and potential investors.
U.K.-based water company, Northumbrian Water has entered into a partnership with Lightsource BP for the development of 10 new solar farms at its sites, which are expected to generate 10 GWh of clean electricity each year to help power its operations.