Ecotricity’s plans to develop a series of solar-power stations called Sun Parks took a step forward this week with the announcement that planning permission has been granted for the first of the projects.
The planning permission for Ecotricity’s first Sun Park – a 1MW array of panels located adjacent to one of its wind parks in Lincolnshire – was given the green light by East Lindsey Council.
Ecotricity expects to commence work at the site within just a few weeks and have it fully operational by March next year. The photovoltaic (PV) panels deployed at the site will stand in 59 rows 2m high on a 4.7 acre (1.9 hectare) site and will have the capacity to generate 1MW of electricity.
The company said that the Sun Park will be funded by the proceeds from its new EcoBonds – fixed-rate bonds with an initial four-year term that pay an annual rate of interest of seven per cent, or 7.5 per cent for Ecotricity customers.
Open to UK-based individuals, companies, trusts, charities and other legal entities, EcoBonds are subject to a minimum £500 investment; applications to purchase the bonds are being accepted until 10 December 2010.