Team Acquires Multiple Sites and Awards EPC and Panel Supply Contracts
SALT LAKE CITY and LONDON, Dec. 3, 2014 -- In September, sPower (Sustainable Power Group), a leading renewable energy provider, and Camborne Capital, a prominent UK solar developer, announced a formal collaboration agreement to deploy significant capital under the UK's Renewables Obligation Certificate (ROC), Feed-In Tariff (FIT) and Contract for Difference (CfD) programs. In the last sixty days, the team has closed on three solar PV projects acquisitions: two from RGE Energy UK totaling 18.4MWdc (a 6.4MWdc project in Ceredigion and a 12MWdc project in Pembrokeshire) and one from Hive Energy (a 6.5MWdc project in Pembrokeshire). Importantly, the projects have already progressed to construction – with EPC contracts awarded and delivery taken on 28.5MW of PV modules from Trina Solar.
"The past 60 days have been critically significant for Camborne and sPower as we move to the construction phase of these first projects. Acquisition activities will continue as we maximize the opportunity in UK solar before the March 31, 2015 ROC deadline," said Declan Mackle, CEO of Camborne Energy Group.
Ryan Creamer, CEO of sPower, commented, "While we are pleased with the quality and speed of our joint UK acquisition and construction achievements thus far, there is still a tremendous opportunity to develop projects in advance of the looming deadline."
sPower and Camborne are in full acquisition and delivery mode to reach their target of 100MW of projects under the 1.4 ROC scheme. Their ability to close deals quickly gives an advantage over others, allowing sufficient time for projects to be constructed and accredited before the March 2015 deadline.
Camborne's Mackle added, "Camborne and sPower continue to add critical mass as we build up a significant portfolio of solar assets in the UK. We will be finalizing further acquisitions in the coming weeks as timing to get orders placed and projects built is critical."
sPower and Camborne Milestones Since September:
*October 7, 2014: RGE Energy sells solar PV project to sPower and Camborne – 6.4MWdc in Ceredigion.
**The Crugmore site, located in south Wales, achieved planning permission in February 2014. The EPC Contract was awarded to Oskamera Solar Power Solutions, which will install Trina Solar's 270W monocrystalline DC05A.08 Honey M silicon solar PV modules. Construction is expected to be completed early first quarter 2015. The Crugmore facility is projected to annually offset CO2 emissions equivalent to more than 5,300,000 pounds of coal burned or nearly 560,000 gallons of gasoline consumed each year.
*October 29, 2014: sPower and Camborne acquire 6.5MW Golden Hill project from Hive Energy.
**The Pembrokeshire site achieved planning permission in September 2014. Oskomera earned the EPC contract and will commence construction in November. When fully operational, the Golden Hill Solar Park project is expected to generate enough clean solar energy to serve the electrical needs of about 600 homes per year, displacing about 4,400 metric tons of CO2 – the equivalent of keeping roughly 1,500 tons of waste from being sent to the landfill.
**"Hive Energy is very pleased that Camborne Capital and sPower have now taken ownership of the Golden Hill Solar Park and that the construction phase of the project will begin," said Giles Redpath, CEO of Hive Energy. "We believe they will be excellent owners and operators of the site and in particular we welcome their industry-leading approach to construction and environmental management."
*November 13, 2014: Trina Solar supplies 28.5MW solar modules to sPower and Camborne.
**105,000 of Trina Solar's 270W monocrystalline DC05A.08 M silicon solar PV modules will be installed over the coming months to ensure that the sPower/Camborne facilities are energized and accredited to meet the ROC deadline.
**"Contracting with Trina Solar to supply their high-efficiency PV modules fits strategically with sPower's focus on solutions that are both environmentally and economically responsible," said Ryan Creamer, sPower CEO.
**December 3, 2014: RGE Energy sells second project to sPower and Camborne.
**Shoals Hook, located in Pembrokeshire, achieved planning permission in October 2014. Construction will commence shortly with Oskomera having been awarded the EPC contract.
**Declan Mackle, CEO of Camborne Energy Group, said, "By installing Trina panels and using Oskomera, we will be developing quality assets that will deliver secure and reliable returns to investors. Shoals Hook completes the first tranche of projects in south Wales, and we will replicate this success on our other pipeline projects."
**When fully operational, the solar energy generated each year would offset the annual greenhouse gas emissions from 2,200 passenger vehicles or CO2 emissions from 24,375 barrels of oil.
**Marcus Price, Managing Director of RGE Energy UK, said, "Having sold one of our other sites to Camborne and sPower, we were keen to work with them again. We've appreciated their approach to getting deals done quickly and efficiently so we can make the most of the UK solar opportunity."
About sPower: Headquartered in Salt Lake City, with offices in San Francisco and New York City, sPower is a leading independent power producer (IPP) that owns and/or operates more than 130 utility and distributed electrical generation systems across the United States. With greater than a gigawatt between construction and pipeline, sPower is actively buying renewable assets in any stage of development in North America and the UK. sPower is a portfolio company of Fir Tree Partners, a leading global investment fund with more than 20 years of investing history and approximately $13 billion of capital under management. www.spower.com.
About Camborne Capital: Camborne is one of the UK's leading solar developers based in London. The Camborne team has developed from conception and sold more than 100MW of large-scale ground mounted solar projects in the UK since 2012. Camborne's team comprises of international expertise across multiple technologies including solar, off shore and on shore wind, biomass and tidal. www.cambornecapital.co.uk.
About RGE Energy UK is a London-based developer and affiliate of Deutsche Eco AG. RGE has developed a portfolio of large-scale renewable assets throughout the UK. Through the combination of expertise, experience, and entrepreneurial spirit, RGE benefits from many years of expertise in constructing solar plants and expanded this knowledge into the wind sector. http://rgeenergy.co.uk/2-1-COMPANY.html.
About Hive Energy: Hive Energy is an entrepreneurial British company specializing in solar energy. Founded in 2010 by Giles Redpath, Hive Energy started life installing rooftop solar on barns and farm buildings. From there, Hive then began creating solar parks on brownfield sites (land that has been developed before) and lower grade farmland, and have established a strong track-record of creating clean and renewable energy for both urban and rural users. www.hiveenergy.co.uk.
About Trina Solar: Trina Solar Limited (NYSE: TSL) is a global leader in photovoltaic modules, solutions and services. Founded in 1997 as a PV system integrator, Trina Solar today drives smart energy together with installers, distributors, utilities and developers worldwide. The company's industry-shaping position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. www.trinasolar.com.