CEE acquires 18.5 megawatt UK solar farm from BayWa r.e.
Hamburg, 14 October 2014 – The Hamburg private equity company CEE has continued its planned international expansion by acquiring the Bicester UK solar photovoltaic (PV) farm from BayWa r.e. Especially high-quality components – Solarworld modules and Power One inverters – were installed at Bicester. With a capacity of 18.5 megawatts (MW) the solar farm will produce about 17.5 million kilowatt hours of electricity a year from sunlight. This will suffice to supply nearly 3,500 four-person households with green power.
Bicester is CEE’s first European solar PV investment outside Germany. BayWa r.e. has already constructed five solar farms in the UK and has also developed this park, which is situated close to Oxford, from project planning to turnkey construction and grid connection. After the sale to CEE, the company will continue to manage the technical and commercial operations. Debt funding in this case has been provided by Bayern LB. CEE and BayWa r.e. have already completed two successful projects in Germany and intend to continue to collaborate in other European countries.
“We have found an experienced and financially strong partner in BayWa r.e. for our entry into the English market. Its expertise and way of working fit in very well with CEE and its requirements,” explains Detlef Schreiber, CEE’s CEO. Following the acquisition of the new park in Bicester, CEE’s solar PV portfolio will grow to about 215 MW. “We are pleased that we are now also positioning ourselves internationally in the solar PV segment with the Bicester solar project. The English remuneration system is very market-oriented, but with its mix of certificates and power purchase agreements offers sufficient security and attractive returns,” says Schreiber.
PV systems with a total capacity of 5 gigawatts (GW) are currently installed in the UK. With more than one gigawatt of new installations in the first half of 2014, the UK was the European market leader in additional PV capacity. The goal is to achieve 22 GW and a market share of 15% percent in total power consumption by 2020.
Advisers to the Bicester project
Legal advice and negotiations: | KEE Law Firm for Renewable Energies, Hamburg |
Legal due diligence and drafting contracts under English law: |
Eversheds, London |
Financial and tax due diligence: | Ebner Stolz, Hamburg, and Saffery Champness, London |
Technical due diligence: | BEC-Solar, Anzing |
Commercial due diligence: | Thames Renewables, Hampton |