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NextEnergy Solar Fund Ltd on Wednesday said it has won 86 megawatt of solar power capacity in the UK's latest contracts for difference auction.
The contracts for difference scheme is one of the UK government's ‘main’ mechanisms for supporting low-carbon electricity generation, the renewable energy investment company explained.
NextEnergy has secured support for 100% of the generating capacity of its 36MW Whitecross and 50MW Hatherden, located in Lincolnshire and Hampshire, respectively. The contracts for difference, which will last for 15 years, are scheduled to commence from March 31, 2025, at the strike price of £45.99 per MWh.
The Whitecross solar farm, which is currently under construction, is expected to be energised in the first quarter of next year. Meanwhile, grid connection and construction mobilisation works are underway for Hatherden solar farm, which is anticipated to be energised in the first half of 2023.
UK Managing Director Ross Grier said: ‘By providing long term revenue stability for the new solar plants, the contracts for difference complement NextEnergy's continued delivery of attractive, risk-adjusted returns for investors whilst also achieving low-cost price security for energy consumers.’
NextEnergy shares were up 0.2% at 114.99 pence each in London on Wednesday around midday.
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