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Dutch investor plans to bankroll 800,000 solar panels
A plan to install 800,000 solar panels on social homes across England and Wales has been backed by government.
Dutch investor Maas Capital – part of the ABN AMRO, the third largest bank in the Netherlands – will invest £160m in renewable energy provider Solarplicity to install the new panels.
The scheme will involve creating community energy schemes, where tenants benefit from long-term discounts on fuel bills.
Around 100,000 installations are planned in the next 18 months, with 800,000 in the next five years.
The panels will be free to tenants, with Solarplicity predicting average savings of £240 on bills. More than 40 social landlords are said to be involved already, including local authorities.
The highest number will be installed in the North West, where more than 290,000 homes will receive solar panels.
This is followed by the North East and the Midlands, which will receive 184,000.
From Leeds to Derby, 154,000 homes will receive panels.
Greg Hands, international trade minister, said: “After a record year for new foreign investment into the UK, this initial £160m capital expenditure programme will deliver massive benefits to some of the UK’s poorest households.”
Thousands of solar panels were being installed in social housing across the UK before a sudden government cut to subsidies led to a swift halt to many programmes.
It is not yet clear what return Maas Capital is expecting, or how it will generate returns within the reduced subsidy framework.
Many large investors left the sector following the cut, despite previously showing huge ambition.
David Elbourne, chief executive of Solarplicity, said: “Today’s announcement is a reflection of our exciting growth in the energy market. Solarplicity is committed to reducing energy bills for both solar and non-solar customers.”
