TGE Group has agreed a financing deal with Macquarie to supply and install solar on commercial buildings.
The deal is described as one of the largest of its kind in the UK, with as much as £100 million available from the investment firm to complete commercial installations across the UK.
TGE Group says the free solar PV offer will be available to owners of commercial properties with near south-facing roof areas. The capital investment for the arrays will be repaid through a combination of power purchase agreements (PPAs) and feed-in tariff (FiT) payments.
Those wishing to take up the offer will enter into a 20 year maintenance agreement with TGE Group. After the 20 year period, ownership of the installation will revert to the customer.
“As an experienced commercial installer, we are pleased to be selected by Macquarie to take on this project,” commented TGE Group managing director, Rupert Higgin.
“Commercial rooftop installations have been held back in the UK by economic uncertainty and cash flow constraints, yet this is the sector that has the most to offer. We hope that the investment by Macquarie will unlock the potential of this market sector and help the UK achieve its renewable targets”, added Higgin.
The UK’s recent Solar Strategy placed heavy emphasis on growing the UK’s underperforming commercial rooftop sector. Most notably, the Department of Energy and Climate Change has confirmed that it is working on allowing permitted development rights for roof-mounted solar up to 1MW as well as working with Ofgem to simplify the ROO-FiT application process. The department has also hinted that it is “considering changes to the financial support available to the sector to encourage further deployment”.