sPower, a leading renewable energy provider, and Camborne Capital, a prominent UK solar developer, today announced the acquisition of a 5MW operational UK solar PV project from developer China Sunergy Co, Ltd (CSUN).
The Higher Tregarne solar farm is located in Cornwall, England. Construction was completed in February 2014, and the facility achieved accreditation under the 1.6 ROC regime.
Declan Mackle, CEO of Camborne Energy Group commented: “We are delighted to build on our long-standing relationship with CSUN by completing this acquisition. By adding this operational asset to our growing portfolio, we are not only harnessing an immediate income stream but also further diversifying our exposure to contractors, components and geographies. Our ability to act quickly and commercially sets us apart from many other potential buyers in the market and enables us to capitalize on the opportunities available.”
“sPower’s operating philosophy is entrepreneurial and nimble with sound financial backing and a commitment to environmental responsibility. So we will continue to move quickly to make the most of the current supportive regulatory climate. The UK is a great place to do business and an exciting time to be involved in renewables.” Said Ryan Creamer, sPower CEO.
Yolanda Qin, Regional Manager for EMEA Project Development for China Sunergy Co., Ltd. (CSUN) said: “we are pleased to complete this transaction with sPower and Camborne Capital to establish and further enhance our strategic business partnership(s). CSUN were the very first Chinese developer to fully invest, develop, construct, operate and receive accreditation for ground based solar PV projects in the UK. We are extremely proud to achieve another milestone in our combined business strategy covering both the product, and development of the project. CSUN will continue to focus upon delivering exceptional value to its clients and partners.”
Camborne and sPower were represented by DFA Law LLP and CSUN by Eversheds LLP.About sPower: sPower, an AES and AIMCo company, is the largest private owner of operating solar assets in the United States. sPower owns and operates a portfolio of solar and wind assets greater than 1.5 GW and has a development pipeline of more than 10 GW. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a worldwide energy company headquartered in Arlington, Virginia, and the Alberta Investment Management Corporation, one of Canada’s largest and most diversified institutional investment fund managers.
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 CSUN: China Sunergy Co., Ltd. (CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality and excellent customer service. www.csun-solar.com