Pennon Group, the owner of South West Water, has acquired three solar PV projects.
The three projects are located across the UK, include sites in Buckinghamshire, Aberdeenshire and Cumbria and are expected to generate over 95 GWh of electricity on an annual basis from solar PV. The acquisition and expected build costs for the three projects total c.£85 million and they are expected to start generation during 2025.
Pennon said that, “Added to our recently acquired Dunfermline project and our existing internal generation, once operational these projects will significantly increase our total self-generation capacity to around 40% of our electricity usage, bringing us closer to our 50% target.” It said the projects will provide attractive commercial returns, and increasing energy security and resilience by reducing exposure to future volatility in wholesale power markets.
Pennon has acquired the 40GWh solar PV site in Dunfermline in June for total acquisition and build costs of £35 million. It is expected to start generation in 2024 and the site also has the capacity for a two-hour 60MW battery at a cost of £25 million.
Pennon is investing £160 million in renewable energy generation, largely focused on solar.