Vantage RE currently owns and operates one of the largest solar portfolios in the UK. This latest acquisition brings Vantage RE’s solar portfolio to 467 MW. The move marks the broadening of the company’s activities into project development and the continued greening of energy generation on behalf of their owner Tenaga Nasional Berhad (TNB).
The two solar farms, recently acquired from solar developer JBM, will be in Warwickshire and Hampshire. With a combined capacity of 102 MW, the sites can generate enough clean renewable energy to meet the equivalent annual needs of over 37,000 homes and save over 46,750 tonnes of CO2 annually compared to fossil fuel generation.
Alongside community funds to support local projects, both sites are designed to offer an average Biodiversity Net Gain of over 50 percent. These environmental initiatives also support TNB’s wider biodiversity agenda. By ensuring that the solar farms are constructed and managed in accordance with recommendations, the communities and biodiversity neighbouring the projects can benefit.
“We’re excited to announce our partnership with Belectric, one of the most experienced solar EPC contractors in Europe” said Charmaine Chin, Director (Business Development) at Vantage RE. “We look forward to working with them to deliver quality solar projects efficiently, and add to our rapidly growing portfolio as we continue to play a leading role in the UK's energy transition.”
Construction is expected to start in 2023, and local communities will be notified in advance when dates have been confirmed. Both solar farms could achieve commercial operation in early 2024 and will provide stable long-term revenues under the 15-year Contract-for-Difference (CfD) scheme that was awarded in July 2022. The CfD scheme is the UK government's main mechanism for supporting low-carbon electricity generation and helps facilitate the UK's ambition to reach net-zero emissions by 2050.
Solar power is now one of the most cost-effective sources of electricity generation in the UK. These projects boost energy security, tackle climate change and reduce bills. Looking to the future, Vantage RE aims to expand its renewable energy portfolio into Europe.
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