Lark Energy to sell almost all 100 MW of solar projects in UK - report

Jun 27, 2013 - UK renewable energy firm Lark Energy, part of the Larkfleet Group, intends to shed nearly all 100 MW of recently approved solar projects in Britain before starting construction, Bloomberg said yesterday, citing managing director Jonathan Selwyn.

Earlier this month Lark Energy said it had secured а planning permit for five solar parks in the UK with a total capacity of 100 MWp. Among them are the 35-MWp RAF Stradishall and 14-MWp Ellough solar plants, to be constructed on two former airfields in Suffolk, eastern England. The other three projects are the 26-MWp South Creake PV system in Suffolk, the 15-MWp Thornham scheme in Norfolk and 15-MW Burton Pedwardine plant in Lincolnshire.

The assets will be offloaded to specialist solar funds, pension funds and financial institutions, Selwyn said in an e-mailed statement to Bloomberg.

The UK-based firm plans to install at least half of the plants and could also keep some equity, according to the statement.

Lark Energy has built about 60 MW of solar power installations since 2011. It expects that all projects that have already won planning permission will be constructed by April 2014. The current cost for building 1 MW of capacity in the UK amounts to GBP 900,000 (USD 1.4m/EUR 1.1m), Selwyn was quoted as saying, without providing financial details on the projects.

(GBP 1.0 = USD 1.533/EUR 1.178)

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