Korkia Sells Major Solar and Battery Project in the UK to NextEnergy Capital

Korkia's Strategic Move in Renewable Energy

In a significant development within the renewable energy sector, Korkia’s development branch, Climate ER Helio—a collaboration with Climate ER—has successfully sold the Mere Flats solar and battery project to a fund managed by NextEnergy Capital. This marks an important milestone as it is the first project out of a portfolio comprising nine solar and battery energy storage systems (BESS) in the UK that has reached the ready-to-build phase.

Located in South Yorkshire, the Mere Flats project stands out not only for its state-of-the-art infrastructure but also for its ambitious goals. Once operational, the facility is expected to contribute 56 MWp of solar energy generation combined with 16 MW of battery storage capacity, harnessing renewable energy to benefit over 20,000 households annually. This project represents a step forward in Korkia’s broader strategy to expand its footprint in the renewable sector, particularly as global demand for sustainable energy solutions continues to rise.

CEO of Korkia, Pauli Mäenpää, expressed enthusiasm regarding this transaction, stating, “This sale highlights how significantly our portfolio has matured across eight countries. Many projects are on the brink of being ready to build in 2025, and we anticipate a surge in market activity throughout the year.” Korkia's ambitious approach is reflected in their extensive pipeline, which includes over 130 projects across eight countries, equating to more than 20 GW of renewable and energy storage projects.

The strategic alignment with NextEnergy Capital also speaks volumes about the collaborative spirit in the renewable sector. James Spooner, Head of M&A at Korkia, remarked, “This achievement in the UK underscores our strong partnership with Climate ER, as well as our ongoing collaboration with NextEnergy, which has proven invaluable in driving similar projects in Spain and Chile.” NextEnergy, recognized as one of the largest solar developers globally, brings expertise that is crucial for taking the project forward successfully.

The increasing focus on renewable energy aligns with one of the UK Government's key ambitions: expanding solar power capacity from 16 GW to a staggering 70 GW by 2035. As this directive unfolds, investment agencies like NextEnergy Capital position themselves to capitalize on the projected growth in solar infrastructure. Spyros Sfantos, Investment Director at NextEnergy Capital, highlighted that the acquisition of the Mere Flats project exemplifies a critical strategy in their broader goal of bolstering renewable growth.

Notably, Korkia and Climate ER Helio enlisted the guidance of PKF Francis Clark and TLT for sale advisement, complemented by vendor due diligence from GA Solicitors and eSmart Networks. Their approach illustrates the meticulous planning and execution involved in navigating the complexities of renewable project development.

In conclusion, the Mere Flats project sale signifies not just a monetary transaction but serves as a stepping stone towards a more sustainable energy future. Korkia, with its clear mission of accelerating the energy transition, remains committed to developing utility-scale renewable energy solutions worldwide. By continuing to partner with industry leaders and expanding their project portfolio, Korkia is poised to make a lasting impact in the global renewable energy landscape.

As the renewable energy sector continues to evolve, the success of projects like Mere Flats will undoubtedly inspire similar initiatives, encouraging a shift towards cleaner sources of electricity for generations to come.