UK solar and storage developer Luminous Energy has achieved financial close on solar project in Norfolk, England.
The 28.5MW Bracon Ash Solar Farm, near Norwich, is expected to achieve first power in the summer of 2024.
Chief operating officer of Luminous Energy David Bryson 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.”
Philippe Bazin, head of sustainability and green Infrastructure at Novuna, the project’s project financing funding partner, added: “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.”
Belectric has been awarded the contract to construct Bracon Ash Solar Farm.
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 Belectric UK managing director Barry Bennett.
Once operational, Bracon Ash Solar Farm will contribute £10,000 each year (index linked) towards 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 & corporate), CMS Cameron McKenna Olswang LLP (commercial), Fichtner Consulting Engineers Ltd (Owner’s Engineer) and WTW (insurance).
Novuna was advised by CMS Cameron McKenna Olswang LLP (banking, property & commercial), JLL (Valuation) and Green Cat Renewables Ltd (Technical).