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Magnetar Solar purchases portfolio from Solarcentury

Solarcentury has announced that Magnetar Solar has purchased its 71MWp pipeline of solar photovoltaic projects.

Magnetar Solar has also selected Solarcentury to build an additional 40MWp of projects.

Solarcentury chief executive Frans van den Heuvel said: “We are pleased to announce the sale of our solar portfolio to Magnetar Solar. With eight sites already under construction, the close working relationship we are forming with Magnetar Solar is a win-win for both companies and supports the urgent need to develop renewable energy sources to improve the UK’s energy independence.

Magnetar Solar director Alan Shaffran added: “The government’s goal to increase the UK’s solar energy capacity and decrease its dependence on fossil fuels has made solar an extremely attractive market.

“We’re pleased to be partnering with Solarcentury to expand our solar energy portfolio and construct worthwhile solar projects such as these to help boost the UK’s solar industry.”

To date, the companies have agreed to construct eight solar farms with a total capacity of 111MWp.

The portfolio developed by Solarcentury and sold to Magnetar Solar consists of four sites ranging from 7MWp to 28MWp.

The businesses have also signed agreements for the construction of four sites from Magnetar Solar’s existing portfolio totalling 40MWp.

All the projects are expected to be constructed prior to the end of March 2015 and connected under 1.4ROCs.

Solarcentury will act as the principal engineering, procurement and construction contactor as well as operation and maintenance provider for all of these.

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