In the face many of uncertainties within the UK oil and gas industry, financial investors are increasing their support of alternative energy sources. Santander and Bayerische Landesbank are the most recent to offer such backing, as each of them has provided £35 million to SunEdison, Inc. and TerraForm Power in order to build five large-scale solar farms in the UK.
Construction of all five sites has already begun, and they are expected to be completed by the first quarter of 2015. The farms will generate 85.2 megawatts of electricity, enough to produce power for more than 26,000 homes, providing greater stability and diversity to the UK electricity mix.
Jose Perez, president of SunEdison EMEA and Latin America commented on the funding: “we are pleased to partner with Santander and Bayerische Landesbank in this portfolio of projects that will supply the UK market with more renewable energy generation from a competitive and low carbon source… Securing funds to meet the capital requirements of these projects is another significant milestone for SunEdison this year and strengthens our position as a key player in the solar energy industry in the UK, where we have interconnected 250 MW since 2013.”
Renewable energy projects such as this are becoming vital to the UK since the decline in crude oil production, both in providing energy to the UK as well as supporting local jobs. In supporting renewable projects the UK becomes less dependent upon oil and foreign imports allowing us to achieve more stable and reliable energy production.
If you have experience working on renewable energy projects please call us on 02392 603030 for a chat in confidence about our current opportunities, or click here for a full list of our vacancies.
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