Bluefield Solar Income Fund Ltd. has announced it will invest millions of dollars into building its 25th solar project.
The project is a 5.2 megawatt peak solar energy plant in Norfolk, England. The facility will be an extension of the currently operational Hardingham photovoltaic project, which has a peak capacity of 14.8 MW.
Solarcentury has been contracted to build the extension, and according to StockMarketWire, the project is expected to qualify under the 1.4 Renewable Obligation Certification program. Solarcentury will warrant the project for a limited period of time as well as perform the operations and maintenance for the plant under a separate agreement.
The funding for the project comes in part from the approximately $192 million raised through a placement program of ordinary shares, which was backed by more than 50 institutions and closed on Nov. 13.
This latest project will serve to help the UK meet its clean energy goals. The UK has set a target of 15 percent of its energy consumption from renewable energy sources by 2020. Between July 2012 and June 2013, total solar photovoltaic capacity grew 1 gigawatt, which was a 70 percent increase, according to the UK Renewable Energy Roadmap Update 2013.