Lynher Energy, a joint venture between a Napier Park Global Capital and Ethical Power, has signed a Corporate Power Purchase Agreement (CPPA) with a UK-based FTSE100 company.
The deal is structured as a sleeved physical PPA to provide reliable solar power to the off-taker over the next 15 years.
In this agreement, Lynher Energy will commit 100% of the output from the new 27 MW Twitch Hill Solar Park. Construction has already begun on Twitch Hill, which is forecasted to come online in September 2024. This 36-hectare site is located in Shropshire on unutilised grade 3b land. The proposed design includes habitat creation and rewilding efforts, as well as the capacity for sheep to graze on the land. Once commissioned, Twitch Hill will save 8,150 tonnes of C02 emissions from power generation annually.
The CPPA marks a significant milestone in Lynher Energy’s long-term commitment to streamlining the development and delivery of green energy.
“This CPPA represents another step in the realisation of our ambition in the renewable energy field. The agreement provides a solid foundation for Lynher Energy to continue to grow our capacity in the near future. Working with a creditworthy FTSE100 company reaffirms our ability to make meaningful contributions to the fight against climate change while providing value for our stakeholders. The agreement also is designed to provide a high level of certainty of cashflows on this investment for years to come.” said Chris Sparrow, a Director of Lynher Energy.
Solar energy experts Ethical Power have been awarded the contract for engineering, procurement, and construction (EPC), as well as operation and maintenance (O&M) for the Twitch Hill Solar Park. Lynher was advised by Osborne Clarke. The off-taker was advised by Amber and EY.
