Hive Energy has acquired 50% of the sustainable energy generation company Ethical Power Group.
The partnership of Hive Energy and Ethical Power will facilitate the delivery of over 2GW of solar projects currently in development.
This marks Hive Energy’s latest progression towards its mission of creating transformational change for a cleaner future through the delivery of world-class solar projects.
Ethical Power is one of UK’s most innovative and ambitious sustainable energy generation companies.
It has market leading expertise in engineering, procurement and construction (EPC) contracts, operation and maintenance (O&M) and asset management.
Ethical’s O&M Team operates more than 250MW of PV across the UK and expects to construct a further 300MW over the next 12 months.
Combined with Hive Energy’s leading position as one of the largest solar developers in the UK, having developed over 700MW of sites to date, it’s partnership with Ethical Power will create a fully integrated, market-leading renewable energy business.
The combined position of Hive Energy and Ethical Power in the market will allow Hive Energy to select the best assets for development & acquisition over the next five years, it said.
The partnership is expected to be a key market player with involvement in over 2GW of projects in development and with tenders submitted to construct over 1.2GW of solar assets.
The partnership between Hive and Ethical aims to build a sizeable portfolio of high-quality generating assets and secure long term PPAs for its asset portfolio.
Hive Energy’s CEO Giles Redpath said: “Hive Energy believe that renewable energy generation is the most important thing that is going to happen to our planet over the next 50 years.
“The acquisition of Ethical Power is an exciting milestone for Hive to transition a leading renewable energy business and deliver world-class solar projects to support the decarbonisation of our energy system and accelerate the transition to a green economy.”
The acquisition further cements Hive Energy and Ethical Power’s relationship, as Ethical Power was already appointed as EPC contractor for Hive Energy’s projects.
These include 13MW School Farm Solar Park near Rugby currently under construction and 44MW Woodington Solar Park in Hampshire where construction will commence in 2021.
The acquisition forms part of Hive Energy’s 2.8GW international pipeline of solar projects.