London-based investment manager Quinbrook Infrastructure Partners has initiated the construction of a 373 MW solar project with an integrated battery in South East England, touted as the largest consented solar-battery scheme in the UK.
Cleve Hill, also known as Project Fortress, will be installed in Kent and is expected to be fully operational by the end of next year, generating electricity for more than 100,000 homes annually, Quinbrook said on Tuesday.
In the next few months, the investment manager plans to select preferred lenders in order to complete the project’s debt financing.
Quinbrook acquired the scheme in September 2021 and was awarded development consent by the UK government in May 2022. The proposal was also given the status of a Nationally Significant Infrastructure Project (NSIP).
The project is among the winners in the fourth allocation round of the UK’s contract for difference (CfD) tender scheme, securing a 15-year contract indexed annually to Consumer Price Indices (CPI).
According to Quinbrook’s estimates, Cleve Hill will bring more than GBP 148 million (USD 184.8m/EUR 167.2m) in local socio-economic benefits.
(GBP 1.0 = USD 1.249/EUR 1.129)
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