European Energy has secured Contracts for Difference for three UK solar projects totalling 116MWp in the government’s Allocation Round 7a.
The awards cover the Church Farm, Manor Farm and Old Hall Farm schemes in Nottinghamshire, Oxfordshire and Leicestershire at a strike price of £65.23/MWh, which is index-linked for 20 years, the company said.
In total 4.9GW of solar capacity secured contracts under the round, representing the highest number of projects and largest capacity awarded to solar in the UK since the scheme began, European Energy added.
The awards provide long-term revenue certainty for the three projects and strengthen the company’s commitment to developing and constructing renewable energy assets in the UK market, according to the developer.
European Energy has been active in the UK for more than a decade and currently has four solar farms under construction supported by corporate PPAs, with further wind, solar and Power-to-X projects in its pipeline.
“Today’s auction success marks an important milestone for our projects and UK team,” said Adam Spearey, UK development director at European Energy.
“The revenue certainty provided by CFDs will help us accelerate the delivery of these new, low-cost renewable energy generation assets and all their associated long term economic and social benefits,” Spearey added.
“The UK remains a key market for European Energy,” said Thorvald Spanggaard, EVP and head of project development in European Energy.
“Securing contracts for three projects in a highly competitive auction underlines the strength of our development and M&A activities in the country,” Spanggaard stated.
According to the UK Department for Energy Security and Net Zero, the AR7 auction delivered 14.7GW of clean power across technologies.