Utilities group Pennon has announced the acquisition of three renewable energy generation projects.
The parent firm of South West Water and Bristol Water said that the new projects were in line with the group's long-term sustainable growth strategy in the UK environmental infrastructure and its target to a "accelerate the achievement" of its 2030 net zero commitment.
The three projects the Exeter-based group has purchased are located across the UK, with sites in Buckinghamshire, Aberdeenshire and Cumbria. They are expected to generate over 95 GWh of electricity on an annual basis from solar PV.
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In a statement Pennon said that the purchases added to its recently acquired Dunfermline project and its existing internal generation. The group hopes that the new renewable energy sites will increase its total self-generation capacity to 40% of its electricity usage, brining the group closer to its 50% target.
The acquisition and expected build costs for all three projects is predicted to total £85m. They are expected to commence generation during 2025.
Pennon said: "The acquisition of these projects will provide attractive commercial returns, whilst also benefiting the Group by increasing energy security and resilience through reducing exposure to future volatility in wholesale power markets."
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