UK-based Primrose Solar has secured a deal to sell 104 megawatts of power from its portfolio of solar project to EDF Energy for a period of 15 years.
EDF Energy will provide an inflation-linked guaranteed minimum price for power over the full term of the contract. This price floor improves Primrose Solar’s ability to raise capital against the projects, as it increases the level of fixed revenues that lenders use to size debt, and improves project returns.
“We’re very pleased to be working with EDF Energy as a provider of secure, long-term agreements for the sale of the power that we generate at our solar farms,” said Giles Clark, CEO of Primrose Solar. “Working with a high credit rated entity such as EDF Energy is particularly attractive to Primrose Solar.”
Primrose Solar has 10 solar farms with 184MW of installed capacity, of which 156MW are operating and a further 28MW under construction.