After having successfully raised financing for both Fenland Farms and Green End in July 2015, Tower Hill Farms is the third project of Hanwha Q Cells project-portfolio in the UK that has been provided with a non-recourse loan by Bayern LB this year.
EDF Energy, the UKs largest producer of low-carbon electricity has entered into a 15 year distributed generation purchase agreement with Tower Hill Farms.
José Joaquín Muñoz Osuna, VP EMEA Project Finance of Hanwha Q Cells, said We are delighted to announce the refinancing of the third project of our initial UK-solar portfolio with Bayern LB. Having successfully completed this transaction with Bayern LB clearly demonstrates that our close working relationship is a win-win for both companies. We will now focus on expanding activities in developing, constructing and acquiring further renewable generation assets.
Alexander von Dobschuetz, Bayern LBs Managing Director, Global Head of Financial Institutions and Structured Finance, said We are delighted to continue our support of our client Hanwha Q Cells through the financing of their latest UK solar project. This further strengthens our relationship with Hanwha Q Cells, and we look forward to continuing to support them in their renewable energy strategy.
John Cockin, Business Services Director of EDF Energy, said Partnering with Hanwha Q Cells has been an excellent opportunity for EDF Energy to further demonstrate its commitment to low carbon generation in the UK. We look forward to working closely with Hanwha Q Cells in helping achieve its strategic goals and supporting investment in renewable generation, through the provision of bankable power purchase agreements.
