UK solar developer Queequeg lines up funds for 500 MW project portfolio

UK developer Queequeg Renewables has secured funding for the first 500 MW of its solar photovoltaic pipeline through a joint venture with private equity business Energy Transition Partners (ETP), it said Nov. 23.

Installed solar capacity in Great Britain reached 13.6 GW in November, up 400 MW year on year, according to S&P Global Platts Analytics.

"The ETP-QQR Energy Ltd venture will fully fund a portfolio of up to 500 MW of solar schemes in England, Scotland and Wales. The first grid-secured tranche of projects totaling 200 MW is expected to enter planning shortly, with the remainder to follow in 2022," Queequeg Renewables said.

The projects are to use single-axis tracker technology and bifacial crystalline modules to optimize land use.

"Storage systems will be implemented alongside the solar projects to combine renewable generation with flexible output, providing stability and frequency response to the grid," the London-based developer said.

In November, Queequeg Renewables said it had a 1.3 GW pipeline of subsidy-free solar projects ranging from 10 MW to 50 MW.

Energy Transition Partners IM Sarl was formed in October to invest in utility-scale renewables worldwide. The ETP-QQR portfolio forms the basis for its first fund, ETP UK Solar Fund 1.

"The UK solar market offers a clear regulatory environment and a commitment towards increased renewable generation," said ETP's Managing Partner Rodolfo Bigolin.

While growth in GB solar is likely to remain limited in the near term due to supply chain constraints and increasing costs, "we have lifted our installed solar capacity throughout 2022, with output now expected to reach 14.5 GW by the end of 2022 and lift a further 0.9 GW by the end 2023," Platts Analytics said in a Nov. 11 in its monthly European power report.

It forecast peak power prices around GBP125/MWh ($167/MWh) in 2022, and GBP88/MWh in 2023.

Transmission system operator data showed average generation from GB solar averaged 1.2 GW, or 3.84% of total supply, in the year to Nov. 23.

Platts assessed UK month-ahead peak power prices at GBP285.70/MWh, up 156% in the three months to Nov. 23.