Hanwha Q Cells secures financing for 8.1-MW UK solar farm

South Korea-based photovoltaics (PV) maker Hanwha Q Cells Co Ltd (NASDAQ:HQCL) said Monday it has closed the financing of its 8.1-MW Tower Hill Farms solar project in the UK with Bayerische Landesbank (Bayern LB).

The German bank has provided GBP 6.2 million (USD 9.6m/EUR 8.7m) for the solar farm, the third project of Hanwha Q Cells' project-portfolio in the UK that has secured a non-recourse loan from Bayern LB this year.

The solar park is located in Gloucestershire and was built by Hanwha Q Cells, which now operates it. The facility was connected in March 2015 and gets 1.4 Renewables Obligation Certificates (ROCs) per MWh for 20 years. EDF Energy has signed a 15-year power purchase agreement (PPA) for the project.

Jose Joaquin Munoz Osuna, vice president Europe, the Middle East and Africa (EMEA) project finance at Hanwha Q Cells, said that after the refinancing of the third project of the company's initial UK-solar portfolio with Bayern LB, the company would focus on expanding activities in developing, constructing and acquiring further renewable generation assets.

Earlier in 2015, Hanwha Q Cells secured a GBP-40.3-million non-recourse loan from Bayern LB for the 24.8-MW Green End and 20.4-MW Fenland solar PV parks in the UK.

(GBP 1.0 = USD 1.548/EUR 1.405)

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