South Korea solar manufacturer Hanwha Q CELLS Co. Ltd., recently announced that it has closed the financing of another solar project in the UK with Bayerische Landesbank (Bayern LB).
The Tower Hill Farms (8.1 MW) is located in Gloucestershire and was connected in March 2015, therefore qualifying for the UK Government's Renewable Obligation scheme, under which it receives Renewable Obligation Certificates (ROCs) for 20 years.
After having successfully raised financing for both Fenland Farms and Green End in July 2015, Tower Hill Farms is the third project of Hanwha Q CELLS' project-portfolio in the UK that has been provided with a non-recourse loan by Bayern LB this year.
EDF Energy, the UK's largest producer of low-carbon electricity has entered into a 15 year distributed generation purchase agreement with Tower Hill Farms.
Jose Joaquin Munoz Osuna, VP EMEA Project Finance of Hanwha Q CELLS, said:
"We are delighted to announce the refinancing of the third project of our initial UK-solar portfolio with Bayern LB. Having successfully completed this transaction with Bayern LB clearly demonstrates that our close working relationship is a win-win for both companies. We will now focus on expanding activities in developing, constructing and acquiring further renewable generation assets."
Alexander von Dobschuetz, Bayern LB's Managing Director, Global Head of Financial Institutions and Structured Finance, said:
"We are delighted to continue our support of our client Hanwha Q CELLS through the financing of their latest UK solar project. This further strengthens our relationship with Hanwha Q CELLS, and we look forward to continuing to support them in their renewable energy strategy."
John Cockin, Business Services Director of EDF Energy, said:
"Partnering with Hanwha Q CELLS has been an excellent opportunity for EDF Energy to further demonstrate its commitment to low carbon generation in the UK. We look forward to working closely with Hanwha Q CELLS in helping achieve its strategic goals and supporting investment in renewable generation, through the provision of bankable power purchase agreements."