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Financing deal closed for two British solar projects

Q-Cells has closed the financing for two solar power plants with a total capacity of 45.2 MW in Cambridgeshire, England.

The two plants, Green End (24.8 MW) and Fenland (20.4 MW), were both connected to the grid in March 2015 and therefore qualify for the British government’s Renewable Obligation Programme, under which they will receive Renewable Obligation Certificates (ROCs) for 20 years.

Funding for operating the solar plants will be provided by the Bayerische Landesbank, which has granted a non-recourse loan of 40.3 million British pounds.

Power purchase agreements with a maturity of 15 years were signed with EDF Energy.

EDF Energy is pleased with the increased supply of renewable energy in its portfolio.

EDF Energy business services director John Cockin said: “The partnership with Hanwha Q CELLS is an excellent opportunity for EDF Energy to demonstrate its continuing commitment to low-carbon energy in the UK.”

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