Low Carbon Secures Financial Close on 385 MW Solar and Battery Storage Portfolio

Global renewable energy company Low Carbon has announced the successful financial close on a 385 MW portfolio comprising solar and co-located battery storage projects. This portfolio, with most projects slated for construction in early 2024, is a significant component of Low Carbon’s extensive pipeline of solar and battery storage projects exceeding 3 GW in the UK. This development marks a pivotal step as Low Carbon progresses towards its goal of becoming a leading Independent Power Producer (IPP).

The construction of the portfolio will be overseen by renowned international EPC contractors, Equans, operating through its subsidiary Bouygues Energies & Services, and Elmya. Trina Storage has been enlisted to provide the battery storage systems for the portfolio.

Upon completion, the 290 MW solar capacity within the portfolio is expected to annually prevent approximately 130,000 tonnes of CO2 emissions and provide power equivalent to that needed for 85,000 homes.

Low Carbon has demonstrated significant financial prowess since the beginning of 2022, having raised approximately £1bn to bolster its strategic objective of maximizing large-scale renewable energy deployment globally.

Chief Investment Officer at Low Carbon, Steve Mack, expressed delight at achieving financial close on this substantial portfolio of renewable assets. He emphasized the contribution of these assets towards the UK’s net-zero aspirations and Low Carbon’s target of delivering 20 GW of new renewable capacity by 2030. Mack highlighted the dedicated efforts of the development teams and supply chain partners spanning several years.

Mack further noted the team’s enthusiasm for commencing construction on 95 MW of co-located two-hour battery storage assets, emphasizing its role as a key enabling technology to expedite the transition to renewable energy. He underscored the significance of deploying storage alongside solar assets to optimize grid capacity usage and support the UK’s climate change mitigation efforts.