Solar energy and battery storage developer Luminous Energy has achieved financial close on its first wholly owned project, which will generate enough electricity to power more than 9,500 households.
The 28.5MWp solar farm Bracon Ash Solar Farm near Norwich is expected to achieve first power next summer.
Corsham-based Luminous Energy said the project signified its transition to an independent power producer while also coinciding with its 10th-anniversary celebrations and a new growth phase.
The company’s UK-distributed solar pipeline extends to more than 160MW across four further projects – including the Springwell Solar Farm in Lincolnshire, a joint venture with EDF Renewables – while its global development pipeline spans the US, Chile and Australia, encompassing more than 1.5 GW of solar and battery projects.
Luminous Energy sold the majority of its significant equity interest in its 350MW Hams Hall energy storage project in Warwickshire last year.
Luminous Energy COO David Bryson 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.”
Luminous Energy chief investment officer Guy Lavarack, pictured, added: “Bracon Ash marks the start of our strategic shift towards becoming an independent power producer and in a challenging market environment demonstrates our capability to construct, finance and operate our own significant project pipeline.
“We are now actively seeking third-party equity investment to help us further deliver against this strategy.”
European solar energy specialist BELECTRIC, which has more than two decades’ experience in developing, constructing and operating solar power plants, has been awarded the contract to construct Bracon Ash.
BELECTRIC first worked with Luminous Energy 10 years ago when they signed a joint development agreement. They have subsequently developed a number of successful projects together.
Luminous Energy has also agreed a five-year contract with BELECTRIC to oversee the day-to-day operations and maintenance of the solar farm once fully constructed.
The project’s funding partner is Surrey-based finance group Novuna, part of the giant Mitsubishi Capital group.
Once operational, Bracon Ash Solar Farm will contribute £10,000 a year to local community projects and Luminous Energy will be working during construction to establish an appropriate structure to oversee and administer these funds.
Luminous was advised by Bristol-headquartered national law firm TLT LLP (banking, property & corporate), CMS Cameron McKenna Olswang (commercial), Fichtner Consulting Engineers and WTW (insurance).
