Luminous Energy, a British solar and storage company, has successfully secured funding for a solar venture in Norfolk, England.
The Bracon Ash Solar Farm, with a capacity of 28.5MW and located close to Norwich, is anticipated to commence its initial electricity generation during the summer of 2024.
David Bryson, Chief operating officer of Luminous Energy, said “We are delighted to continue our contribution to the fight against global climate change with the construction of Bracon Ash Solar Farm, which aligns with South Norfolk Council’s emissions reduction goals as well as the national target to achieve net zero by 2050.”
“It also demonstrates our dedication to working closely with local communities. The final design, which incorporates community feedback is expected to deliver a 203% net biodiversity gain.”
Head of sustainability and green Infrastructure at Novuna, the project’s project financing funding partner, Philippe Bazin, said “Luminous Energy’s innovative approach, combined with our flexible debt finance offering, further enhances the viability of projects like Bracon Ash Solar Farm.”
“Novuna Business Finance is committed to supporting projects that have a positive environmental and social impact, and we are delighted that Luminous Energy has chosen us as their funding partner to help deliver the next key phase of their strategy.”
The contract for the construction of the Bracon Ash Solar Farm has been granted to Belectric.
Furthermore, Luminous Energy has entered into a five-year agreement with Belectric to manage the daily operations and maintenance of the completed solar farm.
Barry Bennett, Belectric UK managing director, said “We are excited to once again collaborate with Luminous Energy on the Bracon Ash Solar Farm project. This partnership is a testament to our expertise in the international solar sector and history of working successfully together.”
After becoming operational, the Bracon Ash Solar Farm will make an annual contribution of £10,000 (adjusted for inflation) towards community initiatives. Luminous Energy is actively collaborating with construction efforts to establish an appropriate framework for overseeing and managing these funds on its behalf.
Luminous received counsel from TLT LLP (banking, property & corporate), CMS Cameron McKenna Olswang LLP (commercial), Fichtner Consulting Engineers Ltd (Owner’s Engineer), and WTW (insurance).
On the other hand, Novuna received advisory services from CMS Cameron McKenna Olswang LLP (banking, property & commercial), JLL (Valuation), and Green Cat Renewables Ltd (Technical).
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