|Project||Client||Project Capex (£m)||Financial Close|
|Andover Solar Portfolio||Statkraft||17.1||January 2017|
In January 2017, Equitix acquired an operational, ground-mounted, solar PV asset consisting of 153,792 solar panels in Andover. The project has a total capacity of 40 MW and is accredited with 1.3 ROCs. It was constructed in early 2016 and energised in March and has performed well since construction, generating £3 million in revenues in its first seven months of operation. The project carries a long-term 20-year Power Price Agreement with Statkraft – the best-known PPA counterparty in the UK with a credit rating of A- (S&P).
|Lincolnshire Onshore Wind||National Grid||21.6||December 2016|
In December 2016, Equitix acquired an operational windfarm at Gayton Le Marsh in Lincolnshire, England: a levered asset with 0.9 ROC accreditation. The windfarm has a total installed capacity of 16.4MW and the PPA commits to buying the entire power output from the wind farm for a period of 15 years and 3 months. The power price will be increased monthly in line with the UK Retail Price Index, subject to a maximum increase of 3% per annum and the Integrated Service Provider guarantees availability of 97% for the full length of the contract.
|Coral Wind Portfolio||E.On & Good Energy||14.6||December 2016|
In December 2016, Equitix acquired a 100% stake in a portfolio of five 0.5 MW onshore wind assets in the UK. The turbines are located in Devon, Nottinghamshire, Aberdeenshire and Burnley and benefit from feed in tariff revenues – fixed real payments for each KWh of electricity provided over a 20-year period. All five assets feature a standard Turbine Supply Agreement, and O&M contract with Emergya Wind Technologies. The turbines each have a defects liability period of two years and a turbine power curve that is also warranted for two years at 95% of the rated power curve. All lifecycle risk has been passed to the O&M contractor for the 15-year term of the contract.
|Equitix UK Solar I||National Grid||23||June 2016|
In June 2016 Equitix acquired a portfolio of four 5MW, operational UK solar PV assets based in Derbyshire, Devon, Nottinghamshire and Northamptonshire. The solar PV units, manufactured by Renesola and deployed at each of the four plants, have a proven track record and come with a 10-year limited warranty and a two-year defects warranty. The portfolio benefits from the 1.3 ROC subsidy regime and the concession expires in 2036.
|Italian Solar I||Italian National Grid||€68||January 2016|
In January 2016, Equitix acquired a stake in a 16.3MW portfolio of nine Italian solar parks spread across five locations in Italy. All assets receive substantial long term government subsidies in the form of Feed in Tariffs (FiTs) and have a remaining project life of between 15 and 17 years. Equitix partnered with a Milan based infrastructure fund – Econergy, an established player in the Italian solar market – on the deal.
|Cairnborrow Wind Farm||GDF Suez||12||November 2015|
This project involves the construction, operation and maintenance of Cairnborrow Windfarm – a five turbine, onshore wind-farm with a capacity of 10.25 MW – based in Aberdeenshire, Scotland Revenues are derived from energy sales and 20-year government subsidies (ROCs), supported by a 15-year Power Purchase Agreement with GDF Suez Marketing Limited. Prices and volumes are based on Baringa mid power price forecast and P50 wind yields.
There is a fixed price contract with GDF Suez UK Wind Services for SPV and technical management, including balance of plant maintenance. The wind farm uses established Senvion MM82 2.05 MW turbines and has a 20 year, fixed price O&M contract with the OEM turbine provider including lifecycle costs and a 96.5% availability guarantee
The Senvion turbine contract is EUR denominated but the risk of currency exchange movements impacting total capex has been mitigated through the use of forward contracts.