UK: 50MW secured in UK renewables auction
Lightsource bp has secured 50MW in the latest UK Contracts for Difference (CFD) auction. The CFD scheme is one of the crucial tools put in place by the UK Government to realise the nation’s commitment to enabling transformation of the energy landscape with a significant shift towards renewable and sustainable energy sources.
In total, almost 2GW of solar power capacity was awarded 15-year contracts as part of the fifth and latest round of the CFD scheme, which awarded 4GW total of renewable power projects with predictable, state-backed contracts.
CFD auctions play a key role in the Government’s bid to attract investment in renewable energy projects. Each winning project is awarded a “strike price” of £/MWh, and when power generated by the project is sold for less than that, the UK government will top up the payments. Conversely, when power prices exceed strike prices, the additional revenue is returned to the authorities. Via this mechanism, the CFDs provide developers with a secure route-to-market by offering stable and predictable revenue streams from renewable energy projects.
Attracting investment in renewable energy projects is of vital importance to the government, as time ticks away on the UK’s sustainability targets. We’re committed to achieving Net Zero by 2050, and to installing 70GW of solar capacity by 2035 – the latter is going to enquire increasing the amount of solar in the UK fivefold in just over a decade. These targets are ambitious and will require significant increases in pace and scope of deployment, which Lightsource bp is perfectly placed to facilitate.
Kareen Boutonnat, CEO for EMEA and APAC at Lightsource bp said:
“We’re pleased to see continued success in the UK CFDs with our developed solar projects. These results demonstrate not only the high quality of our projects, but also the vital importance of solar as a route to a low-carbon future for the UK. Lightsource bp continues to support the UK’s targets of 70GW of solar by 2035 and net zero by 2050 via our increased investment into grid applications to realise new solar and battery projects across the country.”
Lightsource bp’s winning project is the 180acre Hulam solar project, which has a power capacity of 49.9MWac, and will provide carbon emission savings of 16,040 tonnes every year, equivalent to taking 3,412 cars off the roads (figures shared with community during planning process). The project will also be installed with bifacial solar panels to increase solar farm efficiency and energy production for corporate off-takers.
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