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Lightsource Renewable Energy Ltd to Invest in New Solar Facilities in the UK

May 1
11:32 AM 2013

The UK developer that installed a sun-energy collecting project at the roof of Bentley Motors Ltd, Lightsource Renewable Energy Ltd, announced it may invest as much as GBP400 million or US$623 million in 2013 for solar facilities in the United Kingdom.

The solar park developer is expecting to install as much as 300 megawatts production capable facility for this year. This is about 40 projects all in all, according to the British firm's CEO Nick Boyle. Each project has an output between 5 and 15 megawatts and would be completed within nine months.

Boyle said in an interview, "We're working on about 140 megawatts of projects at the moment that will reach financial close before July. We have a very large pipeline of self- developed projects and a large number of other sites that we're in negotiations to buy off third parties." 

Britain is aiming to build as much as 22 gigawatts of solar energy by the year 2020. It is part of a policy target to obtain 15% of its energy from renewable sources, also by 2020. 

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