Low Carbon announces financial close on 385MW portfolio

Global renewable energy company Low Carbon has announced that it has reached financial close on a 385MW portfolio of solar and co-located battery storage projects.

The 385MW portfolio, most of which will enter construction in early 2024, is part of a large pipeline of solar and battery storage projects in excess of 3GW in the UK as Low Carbon scales up to becoming an Independent Power Producer (IPP).

The construction of the portfolio will be delivered by EPC contractors, Equans, through its subsidiary Bouygues Energies & Services and Elmya. Trina Storage will provide the battery storage systems for the portfolio.

Once operational, the 290MW of solar capacity will avoid approximately 130,000 tonnes of CO2 emissions annually and is expected to power the equivalent of 85,000 homes.

Since the beginning of 2022, Low Carbon has raised approximately £1 billion ($1.2 billion) in finance to support its strategic goal of maximising the creation of large-scale renewable energy globally.

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Steve Mack, chief investment officer at Low Carbon commented, “We are delighted to have reached financial close on this large portfolio of renewable assets, which will contribute towards the UK’s aim of achieving net zero and our own target of delivering 20GW of new renewable capacity by 2030. This milestone reflects the tireless work of our development teams and supply chain partners over several years.

He added, “The team is particularly excited to begin constructing 95MW of co-located two-hour battery storage assets, a key enabling technology that will help accelerate the transition. The deployment of storage alongside our solar assets is an efficient use of limited grid capacity and will support the UK’s efforts to tackle climate change.”