Vertically-integrated photovoltaic (PV) developer Solar Power Inc (OTCBB:SOPW), or SPI, said Friday it has sold a 6.24-MW solar farm in the UK to a fund managed by BlackRock Inc (NYSE:BLK).
Located in southern Wales, the Gelliwern Farm solar park was connected to the grid in March 2015 and is eligible to receive 1.4 Renewables Obligation Certificates (ROCs) per MWh of generated electricity, the Shanghai-based company said.
This is SPI's second UK deal with BlackRock in recent months. In June, it announced an agreement to sell a 9.5-MW solar farm in the UK to a fund managed by BlackRock. That transaction was completed at the end of June.
The UK government this week presented measures to avoid the possible over-allocation of renewable energy subsidies, including a proposal to close the Renewables Obligation (RO) scheme for new solar projects on April 1, 2016. Systems bigger than 5 MW have already been excluded from the RO from April 1, 2015.