Orsted has unveiled progress on the UK’s first solar project, called One Earth Solar Farm. This project, developed in partnership with PS Renewables, has a capacity of 740 MW and will be accompanied by energy storage in batteries. Both companies aim to achieve commercial operation before 2030.
Renewable energy generated by solar plants has several potential routes for commercialization, including contracts for difference and corporate power purchase agreements. This project is in line with Orsted’s global goal of achieving 17.5 GW onshore capacity by 2030. Orsted currently has more than 5.7 GW of onshore renewables operating, under construction or approved across Europe and the United States .
The development of One Earth Solar Farm demonstrates the importance of solar energy in diversifying and balancing energy generation, while reducing dependence on fossil fuels. The UK Government has set a clear target to increase solar capacity to 70GW by 2035 as part of a wider strategy to switch to cleaner, cheaper and safer energy sources.
Kieran White, senior vice president of European onshore operations at Orsted, expressed his excitement about entering the UK solar market and praised PS Renewables’ track record in delivering major solar projects. Matt Hazell, co-owner of PS Renewables, also highlighted the project’s significant contribution to the country’s decarbonisation efforts.
This announcement marks an important step for Orsted in expanding its renewable energy portfolio in the UK and demonstrates the continued growth of solar energy as an important part of the transformation of the country’s clean energy sources. .
Meaning:
– Solar Farm: A large facility that uses sunlight to generate electricity.
– Battery energy storage: the use of rechargeable batteries to store excess electricity generated by renewable energy sources.
– Difference contracts: agreements where a fixed payment is made based on the difference between the market price and the agreed price of electricity generated from renewable sources.
– Corporate power purchase agreements: contracts between corporations and renewable energy developers, where the corporation agrees to purchase a specified amount of electricity from a renewable energy project.
