Hanwha Q Cells gets GBP-40m loan for UK solar plants
Solar panels. Featured Image: D and D Photo Sudbury/Shutterstock.com
Solar company Hanwha Q Cells Co Ltd (NASDAQ:HQCL) said today it has secured a GBP-40.3-million (USD 61.5m/EUR 54.6) non-recourse loan from Bayerische Landesbank for 45.2 MW of solar farms in the UK.
The financing is for the operation of the 24.8-MW Green End and 20.4-MW Fenland solar photovoltaic (PV) parks, which were connected to the grid in March 2015. They have 15-year power purchase agreements (PPAs) with EDF Energy.
“With this transaction complete, we can now focus on our expanding activities in developing, constructing and acquiring further renewable generation assets,” said Jose Joaquin Munoz Osuna, Hanwha’s vice president for EMEA Project Finance.
In its second-quarter financial report, released last week, Hanwha Q Cells said it is to sell about 150 MW of operational solar power plants in the UK, Chile and Turkey in the second half of the year. Project sales will be accretive to earnings and will also provide additional liquidity near-term to assist in managing the company’s financial leverage going forward, it said.