NORD/LB, the energy transition bank of choice, has announced that the Scruton 55MWp UK solar farm, being developed by AMPYR Solar Europe, will be financed under a £200m framework project finance facility that was closed at the of October 2024. AMPYR Solar Europe is already using the facility to fund the construction of the Northwold Solar PV asset in Norfolk, England.
Scruton is located in North Yorkshire in England and consists of 88,704 new ground-mounted solar panels. The construction of the project will start in July 2025 and it is set to enter operation in 2026. The second phase of the project will focus on adding a BESS component to the site.
The solar farm will benefit from a 15-year CfD scheme with the National Grid – helping to secure the project's long-term future. The electricity generated will provide clean, sustainable energy for approximately 19,400 medium sized households.
“This deal demonstrates our deep commitment to advancing the renewable energy transition in the UK and Europe more broadly,” said Niels Jakeman, Head of Energy Origination Europe at NORD/LB. “The Scruton solar farm will help to increase the UK’s solar capacity significantly, and we’re thrilled to continue supporting AMPYR Solar Europe on its mission to accelerate the rollout of solar power across Europe.”
The UK has made solar power a key part of its Clean Power 2030 Action Plan and broader renewable energy strategy. Under the flagship policy the UK aims to nearly quintuple solar capacity to 70GW by 2035, with the Scruton solar farm set to play its part in reaching this ambitious target.
White & Case acted as NORD/LB’s legal adviser on the deal, while Clifford Chance acted as AMPYR Solar Europe’s legal adviser.
ENDS
About NORD/LB:
NORD/LB Norddeutsche Landesbank is one of Germany's leading commercial banks, and a pioneer in renewable energy project finance since the 1990s, across more than 30 markets. As an institute under public law, it is part of the S-Finance Group. Its core business segments include corporate customers, special financing in the energy and infrastructure sectors, financing commercial real estate via Deutsche Hypo, capital market business, association business with the savings banks, and private and commercial customers including private banking. The bank is based in Hanover, Braunschweig, and Magdeburg and has branches in Oldenburg, Hamburg, Schwerin, Düsseldorf, and Munich. Outside Germany, NORD/LB is represented by a Pfandbrief bank (NORD/LB Covered Bond Bank) in Luxembourg and by branches in London, New York, and Singapore.
About AMPYR Solar Europe
Headquartered in London, with offices in Maastricht, Utrecht, Frankfurt and Berlin, AMPYR Solar Europe is an Independent Solar Developer and IPP with in-house end-to-end capability across Asset Development, Financing, Construction, Operations and Power Sales. AMPYR Solar Europe’s unique platform benefits from a highly experienced sponsor group: AGP Sustainable Real Assets brings extensive experience in establishing and operating GW scale renewable platforms; Hartree Partners’ cutting edge power trading analytics and zero-carbon solutions; as well as ESI’s in-depth local knowledge and land development capability.
For more information, visit: www.ampyrsolareurope.com
