The bank Santander is to invest in solar energy in the UK. Under the ownership of the bank’s subsidiary, Santander UK PLC, construction of one of the largest solar farms in the country has commenced at the site of a former World War 2 RAF airfield in Suffolk.
Broxted Solar Farm is being built on the site of RAF Stradishall and will cover 150 acres. Completion is scheduled for the end of 2013 when it will be one of the largest utility-scale, ground-mounted, solar projects in the UK with an installed capacity of 31.6MW of clean renewable energy – enough to power around 8,000 homes per year while displacing around 33,120 tonnes of carbon dioxide and 94,213 tonnes of nitrogen oxide.
The project is part of Santander’s overall investment in the development and construction of renewable energy facilities in the UK in which the bank is a direct equity investor operating a dedicated global renewable energy investment mandate which includes both wind and solar energy projects. The bank’s role is to provide the vital funding for the construction phase of these projects. In the case of Broxted Solar Farm, Santander took ownership of the project following its acquisition of 100 percent of the share capital of Broxted Solar Company Ltd from the developer, Lark Energy. The construction is now underway with Isolux Corsan as the construction contractor working in close cooperation with the landowner, Navigator Land LLP, as well as advisors Bidwells LLP and the grid operator, UK Power Networks.
“Santander is very pleased to have acquired and now started construction on the Broxted Solar Project” said Oliver Alexander, Executive Director, Santander Asset & Capital Structuring. “The Project is a leading example of how the environment and solar power can work together. It represents our second major investment in UK solar and is forming part of a wider portfolio of UK solar projects we are constructing over the next six months.”
Navigator LLP has positioned the construction of the solar farm as a core element in the strategy to develop the entire 500 acre Broxsted Estate which encompasses all of the old airfield. The strategy will draw together some of the best features in contemporary rural life and business, including sheep grazing within the area covered by the solar farm, cattle grazing on 150 acres of grassland adjacent to the solar farm, 130 acres of arable farming, 30 acres of agri-environmental features including wild bird seed mixes for winter feeding and 60 acres of woodland. There will also be a widespread restoration of ponds in order to create new wildlife habitat and the planting of new hedgerows with existing ones enhanced. The local community, including nearby schools, is also closely involved with the project and the public will be able to explore the area via a series of permissive pathways.
Further information:
