Corsham-based Luminous Energy, an established renewable energy and battery storage developer, has achieved financial close on Bracon Ash Solar Farm, near Norwich.
The company’s first wholly owned project, the 28.5 MWp solar farm is expected to achieve first power in the summer of 2024 and generate enough electricity to power more than 9,500 households annually. This project signifies Luminous Energy’s transition to an independent power producer and also coincides with its tenth-anniversary celebrations.
David Bryson, COO of Luminous Energy, said, “We are delighted to continue our contribution to the fight against global climate change with the construction of Bracon Ash Solar Farm, which aligns with South Norfolk Council’s emissions reduction goals as well as the national target to achieve net zero by 2050. It also demonstrates our dedication to working closely with local communities. The final design, which incorporates community feedback is expected to deliver a 203% net biodiversity gain.”
Chippenham-based BELECTRIC, a leading EPC service provider with over two decades of experience in the development, construction and operation of solar power plants, has been awarded the contract to construct Bracon Ash Solar Farm.
BELECTRIC first joined forces with Luminous Energy in 2013 when the two companies signed a joint development agreement and subsequently developed a number of successful projects together. Both firms are delighted to be partnering together again ten years later and for BELECTRIC to be building Luminous’ first wholly-owned solar farm. Luminous Energy is pleased to have also agreed on a five-year contract with BELECTRIC to oversee the day-to-day operations and maintenance of the solar farm once fully constructed.
Barry Bennett, UK Managing Director, BELECTRIC, said, “We are excited to once again collaborate with Luminous Energy on the Bracon Ash Solar Farm project. This partnership is a testament to our expertise in the international solar sector and history of working successfully together.”
Guy Lavarack, Chief Investment Officer, Luminous Energy, added, “Bracon Ash marks the start of our strategic shift towards becoming an independent power producer and in a challenging market environment demonstrates our capability to construct, finance and operate our own significant project pipeline. We are now actively seeking third-party equity investment to help us further deliver against this strategy.”
Once operational, Bracon Ash Solar Farm will contribute £10,000 each year (index-linked) towards local community projects.
Luminous was advised by TLT LLP (banking, property & corporate), CMS Cameron McKenna Olswang LLP (commercial), Fichtner Consulting Engineers Ltd (Owner’s Engineer) and WTW (insurance). Novuna Business Finance (the lender) was advised by CMS Cameron McKenna Olswang LLP (banking, property & commercial), JLL (Valuation) and Green Cat Renewables Ltd (Technical).