Luminous Energy achieves financial close on Bracon Ash solar farm

David Bryson, COO of Luminous Energy, said: “We are delighted to continue our contribution to the fight against global climate change with the construction of Bracon Ash solar farm, which aligns with South Norfolk Council’s emissions reduction goals as well as the national target to achieve net zero by 2050. It also demonstrates our dedication to working closely with local communities. The final design, which incorporates community feedback is expected to deliver a 203% net biodiversity gain.”

BELECTRIC, a leading EPC service provider with over two decades of experience in the development, construction, and operation of solar power plants, has been awarded the contract to construct Bracon Ash solar farm. BELECTRIC first joined forces with Luminous Energy in 2013 when the two companies signed a joint development agreement and subsequently developed a number of successful projects together. Luminous Energy has also agreed a five-year contract with BELECTRIC to oversee the day-to-day operations and maintenance of the solar farm once fully constructed.

“We are excited to once again collaborate with Luminous Energy on the Bracon Ash solar farm project. This partnership is a testament to our expertise in the international solar sector and history of working successfully together,” said Barry Bennett, UK Managing Director, BELECTRIC.

Guy Lavarack, Chief Investment Officer, Luminous Energy, commented: “Bracon Ash marks the start of our strategic shift towards becoming an independent power producer and in a challenging market environment demonstrates our capability to construct, finance and operate our own significant project pipeline. We are now actively seeking third-party equity investment to help us further deliver against this strategy.”

Philippe Bazin, Head of Sustainability and Green Infrastructure at Novuna, the project’s project financing funding partner, added: “The solar market’s continued growth and stability make it an attractive sector for investment. Luminous Energy’s innovative approach, combined with our flexible debt finance offering, further enhances the viability of projects like Bracon Ash solar farm. Novuna Business Finance is committed to supporting projects that have a positive environmental and social impact, and we are delighted that Luminous Energy has chosen us as their funding partner to help deliver the next key phase of their strategy.”

Once operational, Bracon Ash solar farm will contribute £10 000 each year (index linked) towards local community projects and Luminous Energy will be working during construction to establish an appropriate structure to oversee and administer these funds on its behalf. Luminous was advised by TLT LLP (banking, property, and corporate), CMS Cameron McKenna Olswang LLP (commercial), Fichtner Consulting Engineers Ltd (Owner’s Engineer), and WTW (insurance). Novuna were advised by CMS Cameron McKenna Olswang LLP (banking, property, and commercial), JLL (Valuation), and Green Cat Renewables Ltd (Technical).

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