Solar 21 acquires rights to build UK biomass plant

Business, Finance, Life sciences and energy | Tue 16 Feb | Author – Business & Finance
Solar 21 Michael Bradley
Michael Bradley, CEO, Solar 21

Irish renewable energy firm Solar 21 has acquired the project rights to build a 22MW biomass power plant near Hull in the UK.

The renewable energy experts have subsequently opened their first round of fundraising for potential investors and aim to secure €60m for the project, which has been under construction since October last year.

This project is the first of five pipeline projects that will be delivered in partnership with Heat Recovery Solutions (HRS), a supplier of energy recovery systems, and their associate company CF Struthers.

The five projects will represent development costs in excess of €500m, with completion values of well over €1bn.

The site is expected to become operational in 2017.

Michael Bradley, CEO of Solar 21, commented: “This is a perfect opportunity for conscientious investors to participate in an ethical company while securing strong returns. Investors can make a direct cash investment or make a pension investment through self-directed pension structures.”

Bradley added: “Since 2010, Solar 21 has delivered consistently high returns to our investors. Our team understands renewable energy and we are acutely aware of the value to investors of a steady, above-average return. We have extensive experience in renewable energy acquisitions across finance, legal, engineering and commercial functions. We invest in renewable energy assets such as solar parks and large biomass installations.”

In recent years Hull has become the epicentre of renewable energy activity in the UK, with many major industry players establishing a presence there.

Solar 21, Siemens and Dong Energy are the three latest newcomers, and significant investment in infrastructure to support the considerable activity in biomass and offshore wind deployment is taking place.