Statkraft signs PPA with FP Lux for one of UK’s largest solar projects
Publish Time：2024-07-11
Sources：
Renewable power generator Statkraft has signed a ten-year Power Purchase Agreement (PPA) with international investor FP Lux Group, advised by re:cap Global Investors ag. This agreement encompasses the 80.6MW Scurf Dyke Solar Farm—one of the UK’s largest–and an adjacent 8MW battery energy storage system (BESS) near Driffield in the East Riding of Yorkshire.
Scurf Dyke solar farm was project financed, so providing a clear route to market for the generated power and Renewable Energy Guarantees of Origin (REGOs) was essential. Statkraft is something of an old hand in the project finance sector, having signed its first UK renewables PPA in 2010, and its broad role in this project includes offering a Parent Company Guarantee (PCG) from the S&P A-rated Statkraft AS, giving project partners further comfort.
BayWa r.e. is responsible for developing and constructing the project and will handle long-term operations and maintenance. This collaboration continues a longstanding partnership between Statkraft and BayWa r.e. Statkraft’s role will include optimisation of the 8MW BESS and offtake solutions for both project elements.
John Puddephatt, Statkraft’s PPA Origination Manager, commented: “Following a competitive tendering process, Statkraft were ed as the offtaker for Scurf Dyke. Given the size of the project, the erparties involved, and the potential addition of a BESS, we were particularly excited to be involved.
“The signing of a PPA with a new customer is always a very positive moment, and I hope we’ll be able to build on this new relationship with re:cap and optimise its renewable assets in both the UK and more widely.”
Thomas Seibel, CEO at re:cap Global Investors, said: “We were keen to work with an offtaker that could offer a renewables PPA as well as route to market optimization services for BESS, and could meet our investors’ and funders’ requirements. Statkraft also offered competitive commercial terms, could demonstrate previous experience and could provide a PCG from their A rated parent company.”
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