London developer secures backing for 500 MW of solar in the UK
Queequeg Renewables says it has formed a joint venture with an Italian private equity investor to fund the first slice of a planned 1.3 GW solar-plus-storage portfolio in Britain.
London-based developer Queequeg Renewables today announced it has secured backing for the first 500 MW of a planned 1.3 GW of solar projects in England, Wales and Scotland.
Queequeg, based in Brentford, West London, said it has formed a joint venture with Milan-based private equity investor Energy Transition Partners for the PV portfolio, which will consist of projects with generation capacities ranging from 10 MW to 50 MW plus an unspecified volume of associated energy storage facilities.
Queequeg did not specify how ownership of the ETP-QQR Energy Ltd entity would be split between the two investors, nor how much would be invested in developing the projects but did state the first 200 MW of solar capacity was “expected to enter planning shortly,” with the balance expected next year.
Although a press release issued on behalf of the British developer this morning stated backing had been secured for the full 500 MW figure, it also said the joint venture would fully fund a portfolio of “up to” 500 MW.
The London-based business announced plans, three weeks back, for 1.3 GW of bifacial, single-axis tracker solar in the U.K., with some associated storage, plus a further 2 GWh of standalone grid scale storage facilities, to enter the planning system “in the months ahead.”