Lightsource Renewable Energy, Europe’s largest solar energy company, has appointed two prestigious multi-national companies to drive the firm’s solar private wire programme growth strategy.
Global real estate firm Cushman & Wakefield and multi-national professional services business Deloitte will provide real estate and commercial advisory support for the roll-out of Lightsource’s solar private-wire solution to corporate clients.
A private-wire solar project provides long-term fixed electricity pricing, security of supply and access to low carbon power for large consumers of electricity, given an uncertain future for wholesale electricity prices, rising non-commodity costs and a drive in consumer demand for green credentials.
Lightsource’s private-wire proposition is simple, the company provides businesses with their own off-site solar power-station which is connected directly into their power network. A private-wire connection provides a reliable and independent source of renewable electricity at a cost 25% lower than forecasted grid supplied electricity. As the installation connects behind-the-meter any non-commodity charges are negated.
This year Lightsource has already funded and developed solar private-wire solutions for Thames Water and Belfast International Airport – providing them with future pricing certainty that comes with the ability to fix electricity costs for up to 30 years.
Nick Boyle, Chief Executive of Lightsource, said: “The UK energy market is evolving. The uncertainty in the electricity market is driving businesses towards new and innovative renewable energy solutions. As a result, the uptake of our private wire proposition has been high and our completed projects are already generating a great deal more interest across the UK.
“This is the new world of electricity supply where our customers can now choose to procure sustainable, locally generated electricity with future pricing certainty. We are delighted to be working with Cushman & Wakefield and Deloitte, whose specialist knowledge in energy, infrastructure and sustainability lifecycle presents an obvious synergy.”
Alan Somerville, Head of Energy, Infrastructure & Sustainability EMEA at Cushman & Wakefield, said: “We’re delighted to be appointed by Lightsource as a partner who share our deep expertise in the solar sector and extensive experience of solar feasibility, deployment & valuation.
“Wholesale electricity is at an all-time low and non-commodity costs are predicted to rise at an unprecedented rate. This instruction is a direct reaction to the severe cuts which have occurred in the solar market over the last few years. This is subsidy free solar with an obvious and direct financial benefit and we expect to see many more businesses operating this way.”
Daniel Grosvenor, Advisory Corporate Finance Partner in Energy and Resources at Deloitte, said: “We are delighted to be assisting Lightsource with their plans and in turn help UK businesses better manage their operational expenditure by reducing energy costs. This should contribute to a more competitive cost base and help drive economic growth.”