The international investment and operating asset manager NextEnergy Capital (NEC) plans to build its first two subsidy-free solar farms in the UK.
The two renewable assets of combined capacity 115MW will be built with the support of a £100 million non-recourse debt financing from Santander.
The projects are expected to be connected to the power grid by the fourth quarter of this year.
The construction is estimated to cost more than £60 million.
CEO & founding partner at NEC, Michael Bonte-Friedheim, said: “It’s a pleasure to announce this innovative new financing structure and the commencement of construction on further critical energy generating assets to be delivered on a subsidy-free basis.
“NEC group’s mission is to generate a more sustainable future by leading the transition to clean energy and these assets underline our wherewithal to pursue and deliver on it.”