Ethical Power and partners complete sale of solar parks to Fuse Energy
Published by Jessica Casey,
Editor
Energy Global,
Ethical Power have been working in partnership with Hive Energy and CH1 Investment Partners LLP through an investment vehicle called Hive Ethical UK Solar (HEUKS). HEUKS has now successfully completed the sale of its last two assets, 5.1 MW Netley North and 12.1 MW Bullous Park solar farms, to Fuse Energy.
Fuse Energy is an ambitious new integrated energy supplier launched by alumni from Revolut, Tesla, and Voltalia. The two solar parks are the first in Fuse Energy’s portfolio of renewable energy projects.
HEUKS acquired the two projects in a strategic move to align resources and ex-pertise, ensuring the ongoing growth and development of the projects. As the end-to-end solutions provider, Ethical Power redesigned, optimised and built the solar farms. Both projects will be looked after by Ethical Power’s operations and mainte-nance team to ensure maximum availability and highest operational perfor-mance.
The 5.1 MW Netley North solar park was energised in December 2022. Netley North repurposes a landfill site that would otherwise have little use. It is part of the Netley complex consisting of two solar parks with a shared grid connection. Its sister site was also built by Ethical Power and sold back in 2017.
The 12.1 MW Bullous Park solar farm was energised in April 2022 under the name of Two Post Cross and, in 2023, was renamed to Bullous Park. Although a greenfield development, it came with its own challenges due to its topography and a stream crossing the site. The solar farm is fully operational with dual-purpose agri-cultural use for sheep grazing.
Thomas Kneen, Director at HEUKS and CEO of Ethical Power, said: “We are delighted to announce the successful completion of the sale of the Netley North and Bullous Park projects to the revolutionary new energy supplier Fuse Energy. The completion of this transaction represents a notable milestone for HEUKS in success-fully delivering attractive returns to its stakeholders seeking to invest in renewable energy opportunities.”
The two solar farms will generate a total of circa 17.5 GWh/y supporting Fuse Energy’s plans of supplying households and businesses directly with renewable elec-tricity under the cheapest tariff in the UK.
Fuse Energy reinvest 100% of their profits into renewable projects around the world and aim to build a pipeline of 2 GW of solar by 2025.
Charles Orr, from Fuse Energy, commented: “We are very pleased to announce the acquisition of two solar farms from Ethical Power. This acquisition is the first of many as we embark on our expansion across the UK and internationally.”
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Read the article online at: https://www.energyglobal.com/solar/20072023/ethical-power-and-partners-complete-sale-of-solar-parks-to-fuse-energy/
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