Pennon Group is thrilled to announce the acquisition of three new renewable energy generation projects, as part of their unwavering commitment to long-term sustainable growth in the UK's environmental infrastructure. This significant milestone propels Pennon closer to achieving their ambitious 2030 Net Zero commitment and reinforces their dedication to a greener future.
The three projects, strategically located across Buckinghamshire, Aberdeenshire, and Cumbria, are set to revolutionise the renewable energy landscape. By harnessing the power of solar photovoltaic (PV) technology, they are expected to generate an impressive annual output of over 95 GWh of electricity.
Under the umbrella of Pennon Group plc, these projects have been acquired by Pennon Power Limited, a direct subsidiary committed to driving positive change in the energy sector. The acquisition, along with the expected build costs for the three projects, amounts to approximately £85 million. It’s anticipated that these ventures will commence generation in 2025, marking a significant stride towards a collective sustainable future.
Susan Davy, CEO of Pennon Group said: “Today’s announcement is an important next step in executing Pennon’s growth strategy and in boosting the renewables pillar of our Net Zero plans. In addition, it will bolster Pennon’s energy security and resilience by reducing exposure to future volatility in wholesale power markets”
Mr. Ronan Kilduff, CEO of Elgin Energy, leading international independent solar and storage developer commented: "We are pleased to have partnered with Pennon on this portfolio. We will continue to develop and deliver on our 14GW project pipeline across the UK, Ireland, and Australia, working closely with landowners, local authorities, and all related stakeholders."
Through this acquisition, Pennon Power Limited strengthens its position as a pioneer in the UK's energy sector and contributes significantly to the country's ambitious 2050 Net Zero Strategy. By generating low-cost and low-carbon electricity, this portfolio will play a pivotal role in reducing carbon emissions and creating significant regional economic development. Moreover, the zero-carbon electricity generated will power countless homes across the UK, fostering a sustainable future for all.
About Pennon Power Limited:
Pennon Power Limited is a subsidiary of Pennon Group plc, a leading British water utility company. With a steadfast commitment to environmental stewardship and sustainability, Pennon Power Limited is dedicated to developing and operating renewable energy projects that drive positive change in the UK's energy landscape. By harnessing the power of renewable sources, we aim to accelerate the transition to a low-carbon economy while delivering attractive returns for our stakeholders.
Pennon were advised by Centrus (commercial and financial), Ashfords (legal) and AECOM (technical). Centrus acted as both the financial and commercial advisor to Pennon.
