Hanwha Q CELLS GmbH today announced that it has signed and closed a share purchase agreement to sell a portfolio of three operating PV power plants in the UK. The projects were sold for a total amount of GBP 61.7 million (approximately US$90 million) plus working capital to NextEnergy Solar Fund Limited. The Portfolio is fully financed with non-recourse loans totalling GBP 45.4 million provided by Bayerische Landesbank. The financing will remain in place until 2032.
All three power plants were built and connected to the grid by Hanwha Q CELLS in the first quarter of 2015 and are operating under the 1.4 Renewables Obligation Certificate regime. Green End is located in Cambridgeshire and has an installed capacity of 24.8MW. Fenland is also located in Cambridgeshire and has an installed capacity of 20.4MW. Tower Hill is located in Gloucestershire and has an installed capacity of 8.1MW. In total 203,150 high quality PV modules of Hanwha Q CELLS will generate clean electricity to cover the annual electricity demand of 15,700 households.
Jose Joaquin Munoz Osuna, VP EMEA Project Finance of Hanwha Q CELLS, said, "We are delighted to announce the sale of these three PV power plants to NextEnergy Solar Holdings III Limited. The transaction demonstrates that Hanwha Q CELLS is a reliable and valued partner in the field of large-scale PV assets. We will continue to develop, finance, build and offer secure and attractive investment opportunities for financial investors."