UK investor eyes rooftops to mitigate solar farm cuts

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

UK renewables investor, The Renewable Energy Infrastructure Group (TRIG) has said it will increase its attention on rooftop solar due to cuts in funding for solar farms.

TRIG said in its interim statement: “A shift in volume of new delivered capacity towards smaller-scale and rooftop projects is likely” due to the new UK Government Contracts for Difference (CfD) scheme, replacing Renewables Obligation Certificates (ROCs).

As of 31 March next year, any UK solar projects above 5MW in capacity will be refused grid connection and unable to qualify for ROCs, competing instead for a limited renewables budget under CfDs.

The commercial rooftop segment underperforms in the UK but both the industry and government are increasing their focus on the sector.

TRIG said although large-scale, ground-mounted solar projects could be successful in securing funding from the CfD programme, the competition and limited budget will cause the investor to prefer to seek out rooftop solar projects.

TRIG will continue to further onshore wind projects however, which are still expected to qualify for ROCs up to March 2017.

TRIG is also considering new fund raising plans and further acquisitions; currently the investor is in exclusive and advanced discussions to acquire further investments in several projects; monitoring changes in Ireland and France’s electricity markets for new opportunities.

TRIG investment manager, InfraRed Capital Partners, has said it will continue to evaluate new investment opportunities from its pipeline of opportunities in onshore wind and solar PV for diversification of its portfolio.

The statement is based on data from 1 July this year. Since July TRIG has acquired three PV solar plants – doubling TRIGs solar capacity to 119MW

The three solar plants are large-scale, ground-mounted and fully operational, acquired 100% by TRIG this quarter.

The new acquisitions are on agricultural sites in the South and East of England with a total generating capacity of 56.6MW, according to performance adjustments, the projects will be acquired for £73.7 million. All three projects have received ROC accreditation at 1.6 ROCs per MWh.

The acquisitions were funded by the Group's cash resources and a revolving acquisition facility. TRIG now has 27 projects totalling approximately 398MW, and doubling TRIG's solar PV capacity to 119MW, which now represents 39% of its portfolio value.

In the third quarter, TRIG’s solar plants performed strongly helping to mitigate variability from its wind farms.

Since July TRIG has also raised £38.6 billion in equity and is looking to expand its investment pipeline, continuing to diversify its portfolio, and has also paid out its first interim dividend to shareholders at £0.03 per share, for the six month period up till June this year.

The second interim dividend payment target, for the six month period up to December 2014, is £0.038 per share.

Richard Crawford, director, infrastructure of InfraRed Capital Partners, said: “Looking ahead, we are well-positioned to source further projects for TRIG from a range of suitable opportunities in the onshore wind and solar PV segments.”

10 November 2021
The solar tracker market continues to mature at breakneck speed, with designs and component selections becoming ever-more complex in the pursuit of better project economics. But a more simplistic design could deliver a triple benefit of lower Capex, EPC and Opex costs. This webinar will set out the ideal single axis tracker design for utility-scale solar farms. The design leapfrogs from decades of experience, with a comprehensive understanding and attention to the three cost structures of Capex, EPC and Opx. Sun and Steel Solar has prototyped a single axis tracker designed to deliver up to US$0.03/W in real savings compared to existing single axis trackers on the market. That’s US$30 million for every gigawatt deployed.
15 November 2021
The 10th edition of the famous Metallization and Interconnection Workshop, MIW2021, will take place in the Thor Central venue in Genk, Belgium, on Monday, November 15, and Tuesday, November 16, 2021 as a face-to-face meeting. We are longing for direct exchange of knowledge and ideas after a long time. Hopefully you can be part of it! But of course, the organizors will keep an eye on the evolution of the Covid pandemic. It will be assess carefully, whether the workshop can be held without major risks or excessive restrictions. We are looking forward to exciting talks, discussions and meetings and to welcoming you in Genk!
23 November 2021
The solar, storage and EV industries in the UK are going from strength to strength. There is no better place for the community to meet, share ideas and do business than Solar & Storage Live from 23-25 November at the NEC.There’s something for everyone; more than 150 exhibitors, a high-level conference, a start up and innovation zone, a poster zone, strategic partners to network with and much more. 
1 December 2021
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run online with streamed content, access to session recordings and chat/messaging tools for delegates to connect.
2 December 2021
Intersolar is the world’s leading exhibition & conference series for the solar industry. As part of this event series, Intersolar India in Mumbai is India’s most pioneering exhibition and conference for India’s solar industry. It takes place annually and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. Since 2019, Intersolar India is held under the umbrella of The smarter E India – India’s innovation hub for the new energy world.
13 January 2022
Intersolar North America and Energy Storage North America “Come Together” for the first time in Long Beach, CA—connecting installers, developers, utilities, technology providers, policy makers, and key stakeholders from around the world to advance the clean energy future. With best-in-class conference programming, integrated exhibits and pavilions, and the live Solar Games installer competition, #isnaesna21 will showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets. Register today to redeem our exclusive offer for PV Tech readers—free expo hall or 20% off full conference pass.

Read Next

October 21, 2021
A round-up of the latest news from the US solar market, featuring project financing from Cypress Creek and DE Shaw, SolarEdge project launches and solar loan securitisations from Sunnova and Mosaic.
PV Tech Premium
October 21, 2021
Chinese power restrictions are likely to change in Q1 next year and will consider the power necessity and industrial demand of certain regions. Nonetheless, polysilicon prices will remain high well into next year and could rise even further.  And, distributed solar is the future of solar PV generation in China.
October 21, 2021
US utility Hawaiian Electric is seeking proposals from resources including solar-plus-storage as part of its latest “all-source” renewables procurement round.
October 21, 2021
Tesla solar installations jumped by 46% year-on-year but fell slightly sequentially to 83MW in Q3 as the clean tech giant targeting greater profitability from its energy division.
October 20, 2021
Spain’s latest renewables auction closed with solar PV bidders being awarded just 866MW of capacity, with players such as Naturgy and Bruc among the winning participants.
October 20, 2021
The main shareholder of Falck Renewables is selling its controlling stake in the solar and wind developer to an investor advised by JP Morgan Investment Management.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021