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Pennon Group PLC announced on Tuesday that it had acquired three further renewable energy projects that are based around the UK. Pennon, an Exeter, England-based water utility company, said the three projects are located in sites in Buckinghamshire, Aberdeenshire, and Cumbria, and are part of Pennon’s long-term sustainable growth strategy to accelerate its 2030 net zero target. Pennon said the projects are expected to generate over 95 gigawatt hours of electricity on an annual basis from solar electric panels. The acquisition and expected build costs for the three projects total £85 million. It is anticipated the projects will begin generation during 2025. These projects follow the recently acquired 40 GWh solar panel Dunfermline project in Fife, Scotland, which the company announced on June 1. Pennon noted that once operational, these projects will increase its self-generation capacity to around 40% of its electricity usage, and bring the company closer to its 50% target. ‘The acquisition of these projects will provide attractive commercial returns, whilst also benefitting the group by increasing energy security and resilience through reducing exposure to future volatility in wholesale power markets,’ Pennon said. Shares in Pennon Group were up 0.8% at 694.50 pence in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved
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