Finland based renewable energy company Korkia has launched a new joint venture (JV) with UK focused solar developer Climate ER to develop up to 500 MW of ready-to-build (RTB) solar power projects in Europe, over the next 3 years.
The duo has identified 45 MW Mere Flats Solar Farm in the UK as the JV's maiden project. On completion, it is expected to generate enough electricity to supply power to 13,000 average homes in the country. In future, they may consider using this project to generate green hydrogen to be used for haulage transport across South Yorkshire and electric vehicle (EV) charging.
A subsidy free project 'due to significant advances in technology over recent years', the project will be designed to deliver predictable and stable green electricity into the UK grid for up to 40 years, they added.
Touting a total of over 4 GW solar and wind power development portfolio in Europe and Latin America, Helsinki headquartered Korkia will finance the JV and its projects through a private equity fund through which it invests on renewable energy project development companies in the continent.
"Our petrol prices are at record highs, and our electricity bills have skyrocketed in an unstable geo-political world and a fragile global economy. Everyone knows that we cannot continue to rely on imported energy and fossil fuels that are causing climate change," said Managing Director of Climate ER, Owen Saward.
The UK recently announced its new Energy Security Strategy under which solar PV will be grown 5-fold to about 70 GW by 2035, something that's encouraging investors to focus on this market, for instance Centrica and Push Solar said they plan to jointly deliver 900 MW solar and battery storage capacity for the UK by 2026 (see Centrica Plans 900 MW Solar & Storage By 2026).
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