Solar energy developers in the UK are racing to complete new photovoltaic (PV) projects before subsidies for the technology are reduced at the end of March.
PV projects in the UK currently receive 1.6 renewable obligation certificates (ROCs) per MWh of energy produced, but from April 1, 2014, this will fall to 1.4 ROCs.
The looming deadline has caused a rush of construction activity and a host of deals between panel suppliers, developers and financiers.
In February SunEdison closed a non-recourse debt financing arrangement with Deutsche Bank for the construction of a 56 MW PV portfolio in the UK. The firm is one of the largest solar panel manufacturers in the USA and the deal with Deutsche Bank - covering four projects - marks the firm's entry to the UK market.
Meanwhile Martifer Solar has signed an agreement to build a 78.4 MW portfolio of PV capacity in the UK for Lightsource Renewable Energy. The deal covers five PV plants with capacities ranging from 9 MW to 25 MW that will be developed in Cambridgeshire, Devon, Nottingham and Swindon.
In addition PV module manufacturer ET Solar has entered the UK market to build an 8.4 MW PV plant in Somerset.According to Solarbuzz, the UK will emerge as the leading European PV market in the first quarter of 2014, helping to offset a decline in activity in countries such as Germany, Greece, Belgium and Switzerland.
The UK installed around 800 MW of new PV capacity in the first half of 2013 and at least the same amount was expected to be installed in the second half of the year.
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