Press Release, London, 21st Dec 2022. Vantage RE has signed an engineering, procurement & construction (EPC) contract with BELECTRIC for the construction and commissioning of 102MW solar farms in the United Kingdom. Including an option to develop 65MW co-located battery energy storage systems.
Vantage RE currently owns and operates one of the largest solar portfolios in the UK. This acquisition brings Vantage RE’s solar portfolio to 467MW. This move marks the broadening of their activities into project development and the continued greening of energy generation on behalf of their owner Tenaga Nasional Berhad (TNB).
The two solar farms, recently acquired from solar developer JBM, will be in Warwickshire and Hampshire. With a combined capacity of 102MW, the sites can generate enough clean renewable energy to meet the equivalent annual needs of over 37,000 homes and save over 46,750 tonnes of CO2 annually compared to fossil fuel generation*.
Alongside community funds to support local projects, both sites are designed to offer an average Biodiversity Net Gain of over 50%**. These environmental initiatives also support TNB’s wider biodiversity agenda. By ensuring that the solar farms are constructed and managed in accordance with recommendations, the communities and biodiversity neighbouring the projects can benefit.
We’re excited to announce our partnership with BELECTRIC, one of the most experienced solar EPC contractors in Europe. We look forward to working with them to deliver quality solar projects efficiently, and add to our rapidly growing portfolio as we continue to play a leading role in the UK's energy transition.”
We are proud to have won Vantage RE as a partner and return to the United Kingdom as an EPC (Engineering, Procurement, Construction) service provider. Being chosen to construct the Bunkers Hill and Eastfields projects is a testament to our expertise in the construction of tracker projects in Nordic countries as well as the integration of battery storage solutions into the overall solar system
Construction is expected to start next year, and local communities will be notified in advance when dates have been confirmed. Both solar farms could achieve commercial operation in early 2024 and will provide stable long-term revenues under the 15-year Contract-for-Difference (CfD) scheme that was awarded in July 2022. The CfD scheme is the UK government's main mechanism for supporting low-carbon electricity generation and helps facilitate the UK's ambition to reach net-zero emissions by 2050.
This opportunity marks a significant milestone for Vantage RE as we evolve our business model from acquiring operational renewable energy assets to developing our own. This shift is part of our longer term Environmental, Social and Governance (ESG) plans and we’re making great progress on these ambitions. Providing clean, secure and affordable energy is more critical than ever. But we’re also developing TNB’s in-house capabilities, strengthening technology, experience and skills, in line with our aspiration to be a leading global sustainable energy provider
Solar power is now one of the most cost-effective sources of electricity generation in the UK. These projects boost energy security, tackle climate change and reduce bills. Looking to the future, Vantage RE aims to expand its renewable energy portfolio into Europe.
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