Jan 31 (Renewables Now) - UK-focused solar company PS Renewables is moving into the US after the UK market slowed in the wake of subsidy cuts.
The firm, a joint venture between Padero Solar Ltd of the UK and Solaer of Spain, said on Monday it has opened an office in Portsmouth, New Hampshire to serve its growing development business in New England. It has also formed a US entity, called Padero Solaer USA Inc.
According to the announcement, the company has already signed exclusive agreements with “two large developers on the East Coast” with an aim to bring over 1 GW to market. PS Renewables said it will focus on developing ground-mount solar projects in partnership with local companies and will target two locations - New England, in particular Massachusetts, Maryland and New Hampshire, as well as North Carolina, Virginia and Tennessee in the South East.
"With support from both UK and US major funders agreed, we will develop projects ranging from 1MW to over 100MW in the year ahead," said Matt Hazell, commercial director, PS Renewables' UK business.
In the UK, PS Renewables said it continues to build solar farms as an engineering, procurement and construction (EPC) contractor and has a pipeline of 30 MW of private wire projects. Its operations and maintenance (O&M) business is doing well and the firm expects that its expansion into the US will help it grow to more than USD 250 million (EUR 234m) by the end of 2017.
(USD 1.0 = EUR 0.937)