Big solar deal done in Cornwall

A deal to buy three large solar PV farms in Cornwall has been completed by asset management firm Infrared Capital Partners with debt finance from a consortium of banks.

The three field-based schemes will generate up to 15MW. Accredited under the feed in tariff (fit) scheme before subsidies for large solar were slashed by three quarters last summer, the installations will receive support of 30.7p/kWh.

In a statement, Infrared said it was unlikely that more large PV schemes would be delivered under the Fit, but that two Renewables Obligation Certificates (Rocs) for large solar “provides sufficient incentive for investment into UK solar, at least for the immediate future”.

Royal Bank of Scotland, HSBC and Santander provided debt financing.