Auction strengthens European Energy’s ongoing commitment to develop and construct renewable energy assets in the United Kingdom.
- European Energy awarded Contracts for Difference for three UK solar projects totalling 116 MW in Allocation Round 7a.
- Projects secured a strike price of £65.23/MWh, index-linked for 20 years.
- CFDs provide revenue certainty to all three projects and support their continued development and delivery into construction.
European Energy has been awarded Contracts for Difference (CfD) for three of its solar projects in the UK government’s Allocation Round 7a (AR7a), representing a combined capacity of 116 MWp.
CFDs were awarded to European Energy’s Church Farm, Manor Farm and Old Hall Farm solar PV projects located in Nottinghamshire, Oxfordshire and Leicestershire, respectively. CFDs were secured at a strike price of £65.23/MWh (2024 prices), which is index-linked for 20 years.
In total 4.9GW of solar PV capacity secured contracts under this Allocation Round, representing the highest number of individual projects and largest capacity awarded to solar PV projects in the UK since the CfD scheme began.
The CfD awards provide long-term revenue certainty for the three projects and strengthen European Energy’s commitment to developing and constructing renewable energy assets in the UK market.
European Energy has been active in the UK for more than a decade, developing, constructing and operating wind and solar assets across England, Scotland and Wales.
The company continues to invest in its pipeline of wind, solar, and Power-to-X projects and currently has four separate solar farms in the UK under construction, all supported by corporate PPAs. European Energy furthermore has 300 MW solar and battery capacity in the structuring phase, with an additional 736 MW under development.
'Today’s auction success marks an important milestone for our projects and UK team. The revenue certainty provided by CFDs will help us accelerate the delivery of these new, low-cost renewable energy generation assets and all their associated long term economic and social benefits,' says Adam Spearey, UK Development Director at European Energy.
'The UK remains a key market for European Energy. Securing contracts for three projects in a highly competitive auction underlines the strength of our development and M&A activities in the country. We will continue to develop, build, partner and divest projects as part of our long-term approach to the UK market,' says Thorvald Spanggaard, EVP and Head of Project Development in European Energy.
According to the UK Department for Energy Security and Net Zero, the AR7 auction delivered record levels of new solar and onshore wind, with a total of 14.7 GW of clean power secured across technologies.
Source: European Energy
