The United Kingdom is one of the nations included in the Paris Agreement which has pledged to become net-zero by the year 2050 as well as cutting emissions by 68% by 2030 compared to 1990 levels. The largest source of renewable energy in the country comes from offshore and onshore wind, accounting for 13.8% of total electricity generation. The country aims to build upon its current capacity and will rely on the use of government tenders and large-scale private investments. Amongst the private sector, IPPs continue to provide renewable energy to their customers aiming to reduce the cost of green energy. In this article, three IPPs based in the United Kingdom will be discussed which can be found on our list of large European IPPs.
Cubico Sustainable Investments – wind and solar IPP based in London
Cubico is considered one of the largest privately-owned green energy developers in the globe with offices located across the world such as Bogota, Milan, Bordeaux, Melbourne, and Austin. Founded in 2015, the group has amassed a portfolio with an installed capacity of 5GW consisting of wind and solar projects. In 2021, the London-based group increased its GRESB Infrastructure Assessment by 15% and resulting in attaining a five-star rating. In addition, the group also announced a refinancing of its corporate facility which increased commitments to €700m, signaling the firm’s intention to continue its growth, an increase from the $400m in 2018. In February 2023, the IPP announced the start of the construction of two wind farms located in Queensland, which when fully operational will have an installed capacity of 252MW.
Conrad Energy – solar and battery IPP based in Oxford
Since its inception in 2016, Conrad Energy aims to drive down the costs of renewable energy and bridge the gap between green and traditional power generation. As an IPP, the firm provides energy solutions and supports national infrastructure. With a project pipeline of over 1GW and aims to acquire additional projects. The firm continues to realize this portfolio. In February 2023, the firm announced that its 25MW battery project in Blackpool was connected to the grid. Thanks to a partnership with BNP Paribas, Conrad has been able to supply the global banking giant with a 15-year PPA using energy produced by its Larport solar farm located in Herefordshire.
Ventient Energy – wind IPP based in Edinburgh
Established in 2017, the group has developed projects in Belgium, France, Germany, Portugal, Spain, and the UK with an overall installed capacity of 2.8GW. In 2018, the firm achieved a five-star GRESB rating, providing the highest level of services to its clients. Ventient deals with corporate clients using PPAs to establish long-term contracts. In May 2021, the Edinburgh-based group announced a £20m PPA with Swiss utility Axpo for two wind farms located in Western Scotland and Northumberland with an installed capacity of 50MW. The firm is one of the UK’s leading independent providers of renewable energy and continues to gain a foothold in the European market. A cornerstone of this progress is represented by the 443MW Spanish solar and wind portfolio, with the majority of projects located in Castilla and Leon.
Image Source: Sandra Weeteling via Unsplash (28.06.23)
