BELLTOWN POWER COMPLETES THE ACQUISITION OF FIVE FURTHER SOLAR PROJECTS

Today, Belltown Power announces that it has completed the acquisition of five further solar projects totalling 53MW and a £58m capital commitment.

With these acquisitions, Belltown has completed on a total of 16 transactions in its first 18 months, comprising 8 solar projects, 5 wind projects, and 3 hydro projects. The company has now deployed over £110m to buy and build 83MW of generating capacity without the use of external debt finance to date.

Belltown Power’s team has grown to 13 people, combining transaction expertise from its London office with engineering experience in its Bristol office.

Michael Kaplan, CEO at Belltown Power, said “We are very pleased with the company’s progress so far, well ahead of our original plan to deploy £50m into UK renewable energy projects during our first two years. We aim to deploy £250m into 150MW of UK renewable energy assets by April 2017, building from our current foundations towards our goal of becoming a significant generator of renewable electricity in the UK.”

Tom Hill-Norton, CFO at Belltown Power, said “We have focused on ground-mounted solar projects over the last 6 months, given their strong risk-return characteristics. In 2015 we see good opportunities across the sector in the UK, in particular in medium scale onshore wind projects, roof mounted solar projects and run of river hydro projects.”