OST Energy (OST), a leading independent engineering consultancy, has announced its work with UK bank, the Royal Bank of Scotland (RBS), and Europe’s leading solar energy company, Lightsource Renewable Energy, to bring Europe’s largest floating photovoltaic (PV) solar project to financial close earlier this year.
The 6.3 Megawatt peak (MWp) array now provides a source of clean energy to water utilities company, Thames Water, on the Queen Elizabeth II reservoir west of London, and has become the first floating solar project to secure European bank financing. Thames Water will buy all energy generated by the project as part of a Power Purchase Agreement (PPA) with Lightsource.
Throughout the early stages of project planning prior to construction, OST Energy acted as technical advisor to lender RBS, providing a range of due diligence services crucial to the final investment decision.
As floating solar moves from concept to large-scale development, the involvement of a major European bank in the financing of the project is a significant milestone for the industry and a recognition of the considerable commercial advantages afforded by the technology.