Utility giant to invest £85m in solar energy projects
Utility giant Pennon has invested £85m in three solar farm projects across the UK.
The Exeter based firm which owns South West Water and Bristol Water revealed the acquisition of three renewable energy projects in a Stock Market announcement.
The three projects have been purchased from Elgin Energy and are located across England and Scotland including a site in Cumbria.
The capacity of the individual projects range from from 15MW to 50MW and have a combined capacity of 100MW.
It is expected that all projects will be operational during 2025.
Pennon say its growing portfolio of renewable energy schemes will play a pivotal role in contributing towards the UK’s 2050 Net Zero target.
They will also creating significant regional economic development and supplying zero-carbon electricity to homes across the UK.
Ronan Kilduff, chief executive of Elgin Energy, said: “We are pleased to have partnered with Pennon on this portfolio. We will continue to develop and deliver on our 14GW project pipeline across the UK, Ireland and Australia, working closely with landowners, local authorities and all related stakeholders.”
Susan Davy, the chief executive of Pennon, added: “We are excited about this milestone and the positive impact it will have on our mission to achieve a greener, more sustainable world.
“We remain committed to spearheading transformative change and forging strategic partnerships to accelerate progress towards a carbon-neutral future.”
The three projects are located across the UK, include sites in Buckinghamshire, Aberdeenshire and Cumbria and are expected to generate over 95 GWh of electricity on an annual basis from solar PV.
Pennon said added to a recently acquired project in Dunfermline and alongside existing internal generation the projects will significantly increase total self-generation capacity to around 40 per cent of the firm’s electricity usage.
A statement from Pennon added: “The acquisition of these projects will provide attractive commercial returns, whilst also benefiting the group by increasing energy security and resilience through reducing exposure to future volatility in wholesale power markets.”
The company has come under fire in recent months for its record on sewage spills into the South West’s waterways.
Last month Pennon announced plans to invest a record £750 million in the South West over the next two years.
The investment will focus on building new water resources and reservoirs, reducing usage of storm overflows, and increasing the use of renewable energy, benefiting communities across the South West region.
The news came after it was revealed Susan Davy, who has run Pennon for nearly three years, has joined several other industry executives in deciding to forgo her £450,000 bonus amid growing public anger over the state of the water industry.
