Release
Four Rivers BioEnergy (4Rivers) has declared it has signed a Memorandum of Understanding (MOU) with Noble Solar Industries for developing solar energy projects in the UK.
Noble is one of the foremost manufacturers of both polycrystalline and monocrystalline PV solar modules in the world, with manufacturing operations in China, storage warehouses in Central Germany and UK and distributors in the Middle East, Africa and India. With a current capacity of 350 MW solar panels, they have plans of expanding their manufacturing processes to reach 700 MW solar panels by 2012. The MOU summarizes a joint venture partnership where the partners would operate on an equal basis for all the UK projects. The first project has been planned on a 41 acre industrial site owned by 4Rivers in Northumberland in North East England, which is a 10 MW project to be developed in phases.
This venture would capitalize on the cutting-edge technology developed by Noble for the installation of the first phase, where panels would be installed on the 41 acre site on both the undeveloped land and on the roofs of the existing buildings. Later, the partners plan to cover in part or all of the 100 acres of land, which lies adjacent to the 4Rivers’ 41 acre site. The renewable power generated here would be exported to the grid with the help of the existing sub-station owned by 4Rivers. Both the companies would straight away begin a mutual due diligence period and have a plan of completing the formal documentation and starting the installation processes by the second quarter of 2011.
The partners would work along with TradeLink Solutions, an energy consultant, selected by 4Rivers for setting up the most favorable commercial solutions for the project, which would also kowtow to the renewable energy incentive schemes and the UK regulations. Other sites are also being looked at in the UK for developing solar energy projects and if it is possible 4Rivers may also develop waste-to-energy plants on such sites. Stephen Padgett, the CEO of 4Rivers, has remarked that he was elated that they were able to reach an agreement with such a notable company. He further mentioned that this venture falls in line with their business strategy of extracting value from undeveloped and underutilized land assets and integrating them into a revenue stream by generating renewable energy. Padgett also added that Nobel being a well known name in the solar energy market would prove to be a solid and robust partner for them in their expansion operations in the UK.
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