British renewable investors Bluefield Solar Income Fund have announced their receipt of Contracts for Difference (CfDs) covering 62.4MW of new planned capacity through the fourth Allocation Round (AR4) announced last month.
AR4 is the first allocation round since CfDs began in 2015 in which solar has been able to participate, with contracts over 2.2GW being offered.
Contracts for Difference have been the UK government’s main mechanism for supporting low-carbon electricity generation, easing the path to reach net-zero emissions by 2050.
Bluefield has secured CfDs for 100% of the generating capacity of Yelvertoft, planned for a rating of 49.9MW, for Romsey’s 6.5MW and Oulton’s 6.0MW, the firm’s latest new-build UK PV projects in the UK.
Each contract is 15 years in duration, is index linked to CPI-inflation, and will begin on 31 March 2025 at the AR4 solar PV strike price of £45.99/MWh.  Set at 2012 equivalent prices, that value equates to £57.48/MWh in 2022 equivalent prices.
Yelvertoft is in Northamptonshire, east of Rugby. Romsey and Oulton are located in Hampshire and Norfolk respectively, the latter west of North Walsham.
Bluefield Solar chair John Rennocks commented: “We are delighted to have secured 62.4MW capacity in this round and are excited about continuing to play a leading role in the UK’s energy transition.
“It is also significant that the solar power sector was awarded 2.2GW of CfD contracts in AR4 at prices that represent roughly half of the cost of new nuclear investments and a quarter the current price of gas-generated electricity.
“This underlines the significant role that solar can, and should, play in being a solution to the energy crisis whilst adding to the UK’s energy security. We believe that we could be entering the next phase of new ground mounted solar investment in the UK. Bluefield is perfectly poised to capitalise on this growth opportunity.”
In a busy May, Bluefield spent £112 million on 15 solar farms and four wind farms totalling over 92 MWp, and then paid £4.5 million to Green Hedge Capital for two 40MW grid-scale batteries.
