Energy asset management company Neas Energy has signed a 15 year-long Power Purchase Agreement (PPA) with three solar parks in the UK totalling 21 MW installed capacity.
“The contracts are an important step in expanding our activities in the market for balancing and trading of renewables in the UK. With many solar and wind power projects under development the electricity market will experience a rapid influx from renewables. This increases the demand for commercial production management and balancing services for renewables, which is our core business”, explains Soren Petersen, Managing Director at Neas Energy Ltd. and continues: “Banks and other financial institutions supplying project financing for renewable energy projects are a critical stakeholder in settling the financial terms of PPAs. The contract with Ingenious Media is audited by their project financer Barclays PLC, which is a great reference for us.”
Reaching 200 MW installed capacity in the UK
With this new agreement Neas Energy continues to expands its activities in the UK and the company has now reached 200 MW installed effect under management in the UK.
“We have high ambitions within trading and balancing of renewable energy in the UK. Reaching 200 MW proves that we have gained a foothold in the UK and I consider this an important milestone for our UK activities.”, explains Soren Petersen.
For a long term predictable investment
The fund manager of the Renewable Energy EIS fund which invested in the three solar parks, Ingenious are perhaps best known for investments in media and entertainment, but broadened their sector focus a number of years ago to include clean energy.
“The UK Government strongly support for renewable energy generation to mitigate rising energy prices and carbon emissions. This gives Ingenious Clean Energy and our clients a chance to participate in the emerging ‘green economy’. For commercial management of our recent investment in three solar parks, we have teamed up with Neas Energy. Neas Energy has provided us with a long-term predictable revenues with reduced exposure to market risks”, says Jeremy Milne, Investment Director for Ingenious Media’s clean energy division.
The contracted solar parks projects have been developed and constructed by British Solar Renewables.
Facts – name size and location:
Stonebarrow Farm, 7.49 MW, located in Hawkchurch, Devon.
Westover, 7.04 MW, located in Andover, Hampshire.
Redbridge, 6.48 MW, located in Dorchester, Dorset.
Soeren Kjaer Petersen
P: 018 9587 6200
P: 020 7319 4100