[London, 20.07.2023] Ethical Power have been working in partnership with Hive Energy and CH1 Investment Partners LLP through an investment vehicle called Hive Ethical UK Solar (“HEUKS”). HEUKS has now successfully completed the sale of its last two assets, 5.1MW Netley North and 12.1MW Bullous Park solar farms, to Fuse Energy.
Fuse Energy is an ambitious new integrated energy supplier launched by alumni from Revolut, Tesla, and Voltalia. The two solar parks are the first in Fuse Energy’s portfolio of renewable energy projects.
HEUKS acquired the two projects in a strategic move to align resources and expertise, ensuring the ongoing growth and development of the projects. As the end-to-end solutions provider, Ethical Power redesigned, optimised and built the solar farms. Both projects will be looked after by Ethical Power’s operations and maintenance team to ensure maximum availability and highest operational performance.
The 5.1MW Netley North solar park was energised in December 2022. Netley North repurposes a landfill site that would otherwise have little use. It is part of the Netley complex consisting of two solar parks with a shared grid connection. Its sister site was also built by Ethical Power and sold back in 2017.
The 12.1 MW Bullous Park solar farm was energised in April 2022 under the name of Two Post Cross and, in 2023, was renamed to Bullous Park. Although a greenfield development, it came with its own challenges due to its topography and a stream crossing the site. The solar farm is fully operational with dual-purpose agricultural use for sheep grazing.
Thomas Kneen, Director at HEUKS and CEO of Ethical Power, comments on the successful sale: “We are delighted to announce the successful completion of the sale of the Netley North and Bullous Park projects to the revolutionary new energy supplier Fuse Energy. The completion of this transaction represents a notable milestone for HEUKS in successfully delivering attractive returns to its stakeholders seeking to invest in renewable energy opportunities.”
The two solar farms will generate a total of circa 17.5GWh per year supporting Fuse Energy’s plans of supplying households and businesses directly with renewable electricity under the cheapest tariff in the UK.
Fuse Energy reinvest 100% of their profits into renewable projects around the world and aim to build a pipeline of 2GW of solar by 2025.
Charles Orr, from Fuse Energy commented “We are very pleased to announce the acquisition of two solar farms from Ethical Power. This acquisition is the first of many as we embark on our expansion across the UK and internationally.”
About Fuse Energy
Founded by Revolut alumni Alan Chang and Charles Orr, Fuse Energy is a new energy supplier, with owned assets generating affordable, renewable power, and contributing to the transition to a low carbon future. The company cuts out the middlemen of the energy market by owning renewable assets and selling directly to consumers, delivering significantly cheaper bills.
About Hive Energy
Hive Energy, headquartered in the UK, was founded in 2010 by Giles Redpath to participate in the significant solar PV expansion across England. The company now operates from over 24 countries globally, including Brazil, Canada, Croatia, Greece, Italy, New Zealand, Serbia, South Africa, Spain, and the UK.
The Hive Energy Group is recognised internationally as a trusted partner in the development, construction, and operation of large-scale renewable energy projects. Hive is known for its innovative approach and market leading vision across both renewable energy and circular economy industries. Hive has established some of the world’s leading solar projects, including the UK’s largest solar park, an upcoming one of the world’s largest Green Ammonia plants in South Africa and the first Green Hydrogen/Ammonia Hub in Spain.
Hive is currently developing over 10,000 MW of renewable energy projects. To date, Hive’s projects have generated over £1.3billion capital expenditure in green energy projects, saving 788,947 tonnes of CO2 each year.
CH1 Investment Partners LLP (“CH1”) provides bespoke investment solutions to High Net Worth, Professional and Sophisticated Investors. Over the last seven years, CH1 has raised over £500 million pounds in Enterprise Investment Scheme qualifying Companies, structured debt (asset backed loan notes), individual commercial and residential property and Venture Capital Trusts.