New sales give BSR strong platform to grow business supporting growth of solar and storage
Group will manage 465MW portfolio of 48 solar farms after NextEnergy deal
BSR Group has sold four solar parks to NextEnergy Solar Fund and will now manage them within its 465MW portfolio of UK solar generation, the company announced today as it released strong financial results.
In the year to June 30th, 2017, BSR converted net liabilities of £10.4 million to net assets of £9.9 million through a strong financial performance. The sales further strengthen that position, leaving the group well positioned to drive forward its business in the UK and internationally building, connecting and managing solar and energy storage assets.
BSR built and connected the four 5MW solar parks in the first quarter of 2017, with construction funding provided by NextEnergy, which has a £590 million solar investment portfolio. The parks – at Aller Court and Bowden in Somerset, and Stalbridge and Rampisham in Dorset – are capable of supplying more than 6,600 homes.
Graham Harding, Managing Director and Chief Financial Officer of BSR Group, said: “We are delighted to have been able to extend our successful relationship with NextEnergy, and this deal leaves us in a strong position to grow our business as a provider of expert services to low-carbon developers.
“Our mission is to create the smart energy systems we need for a low-carbon future. We are uniquely positioned to form long-term partnerships with developers and investors in the UK and internationally, supporting them every step of the way through building, connecting and operating their assets.”
BSR will provide services to the industry in three key areas, building on its strong track record.
BSR EPC has built 500MW of solar in the UK including the four largest solar parks. It is expanding globally, delivering engineering, procurement and construction services to solar and energy storage projects.
BSR O&M now manages a 465MW portfolio of 48 solar parks in the UK, nearly 6% of the country’s utility-scale solar power, for clients including Cubico, RRAM Energy, Rockfire, NextEnergy, Ingenious and Greencoat Capital. In two years it has tripled the size of its portfolio and plans to further develop its operations and maintenance business in the UK for solar and battery storage.
BSR Connect (formerly Renewable Energy Connections) has connected more than 520MW of solar generation in the UK including a number of 132kV high voltage systems. It is looking to leverage its extensive solar connection experience across all types of energy generation and storage assets in the UK.