LONDON, JUNE: Lynher Energy has signed a Corporate Power Purchase Agreement (CPPA) with a UK-based FTSE100 company.
The deal is structured as a sleeved physical PPA to provide reliable solar power to the off-taker over the next 15 years.
In this agreement, Lynher Energy will commit 100% of the output from the new 27 MW Twitch Hill Solar Park. Construction has already begun on Twitch Hill, which is forecasted to come online in September 2024. This 36-hectare site is located in Shropshire on unutilised grade 3b land. The proposed design includes habitat creation and rewilding efforts, as well as the capacity for sheep to graze on the land. Once commissioned, Twitch Hill will save 8,150 tonnes of C02 emissions from power generation annually.
The CPPA marks a significant milestone in Lynher Energy’s long-term commitment to streamlining the development and delivery of green energy.
“This CPPA represents another step in the realisation of our ambition in the renewable energy field. The agreement provides a solid foundation for Lynher Energy to continue to grow our capacity in the near future. Working with a creditworthy FTSE100 company reaffirms our ability to make meaningful contributions to the fight against climate change while providing value for our stakeholders. The agreement also is designed to provide a high level of certainty of cashflows on this investment for years to come.” said Chris Sparrow, a Director of Lynher Energy.
Solar energy experts Ethical Power have been awarded the contract for engineering, procurement, and construction (EPC), as well as operation and maintenance (O&M) for the Twitch Hill Solar Park. Lynher was advised by Osborne Clarke. The off-taker was advised by Amber and EY.
You can learn more about Twitch Hill here.
About Lynher Energy
Lynher Energy is the joint venture established by Napier Park Global Capital and Ethical Power to invest in large-scale solar and battery storage assets in the UK and Europe. Napier Park’s extensive experience in sponsoring industry-leading joint ventures, combined with Ethical Power’s capabilities and knowledge in the development, construction, operation, maintenance and asset management of large and complex solar projects offers the ability to develop high-quality, valuable assets while pursuing a long-term goal of reducing carbon consumption and transitioning toward green energy resources.
About Napier Park
Napier Park is a leading alternative asset manager with approximately $21 billion(1) in assets under management across credit funds, CLOs and real assets, predominantly within the US and European markets. Napier Park differentiates itself through its decades of specialized credit expertise, world-class infrastructure and creativity, providing effective solutions to a broad range of institutional clients. Napier Park’s Real Assets group has deployed $7 billion(2) in equipment assets and seeks to generate attractive returns through investments in long-lived essential-use industrial and transportation equipment. The Multi-Asset Fund’s(3) existing investments include JVs with leading industry operating partners, including Air Lease Corporation, Trinity Industries, Inc. and AAR Corp. Napier Park has offices in New York, Miami, London and Switzerland.
For more information visit www.napierparkglobal.com.
About Ethical Power
Ethical Power is a global renewable energy company. Its end-to-end capabilities add value across the entire lifecycle of green energy infrastructure projects. With 1GW+ of renewable projects in operation and over 800MW in development, Ethical Power is making strides toward helping consumers reach Net Zero 2050 targets.