April 23 (Bloomberg) -- RWE AG, the German utility that cut its renewables unit’s investments by two-thirds, is funding construction of its first U.K. solar park, to be built by Conergy U.K. Ltd.
The 37-megawatt Kencot Hill Solar Farm, on a disused airfield in Oxfordshire, England, will be one of the country’s largest, providing about 10,000 households with electricity, Essen-based RWE said today in a statement.
The park is scheduled to start operating in late summer. RWE, providing financial and technical support, agreed to sell the facility to Foresight Solar Fund Limited once constructed, it said.
“RWE aims in future to repeat this structure, attracting investors” in the U.K. and other European countries, Stefan Judisch, chief executive officer of RWE’s Supply & Trading unit, said in the statement, referring to the financing.
RWE’s renewables unit will invest 1 billion euros ($1.4 billion) from 2014 to 2016, a similar amount to last year alone. RWE posted its first loss last year since World War II.
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