BlackRock-Backed Renewable Energy to Build U.K. Solar Farm

Renewable Energy Generation Ltd. (WIND), a developer of low-carbon assets backed by BlackRock Inc. (BLK), plans to build a 5 million-pound ($8 million) solar park in southwest England with Juwi Renewable Energies Ltd.

The project will be located next to the company’s Goonhilly Downs wind farm in Cornwall and have 4.5 megawatts of capacity, Guildford, Surrey-based Renewable Energy, said in a statement today. It will be the company’s first ground-mounted solar farm and is expected to begin working in the first-quarter.

“We’ve been looking into the merits of leveraging our existing grid connections for some time,” Chief Executive Officer Andrew Whalley said in the statement. The company said this month it may spend as much as 300 million pounds on onshore wind, solar and bioenergy in the next three to four years.

Renewable Energy seeks to exploit demand for green power in the U.K. The country seeks to get 15 percent of its energy from clean sources by 2020, from about 9.4 percent now. BlackRock in January bought wind farms from Renewable Energy and agreed on a five-year partnership to buy more plants from the developer.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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