LONDON, UK: Pennon Group, the owner of South West Water and Viridor, has announced the acquisition of three solar power projects in the UK, as part of its strategy to expand its renewable energy generation and achieve net zero emissions by 2030.
The three projects, located in Buckinghamshire, Aberdeenshire and Cumbria, have a combined capacity of 95 gigawatt-hours (GWh) of electricity per year, enough to power more than 28,000 homes.
The total cost of the acquisition and construction of the projects is expected to be around £85 million. The projects are expected to start generating electricity by 2025.
Pennon Group said the acquisition would increase its self-generation capacity to around 40% of its electricity usage, up from 25% currently. The company has a target to reach 50% self-generation by 2030.
The company said the move would also enhance its energy security and resilience, as well as provide attractive commercial returns.
Susan Davy, chief executive of Pennon Group, said: “We are delighted to announce the acquisition of these three further renewable energy generation projects, which will significantly increase our self-generation capacity and support our net zero ambitions.
“These projects demonstrate our commitment to investing in UK environmental infrastructure and delivering long-term sustainable growth for our shareholders and wider stakeholders.”