Funds Managed by Triple Point have acquired 49.2MW Hessay Solar Project in York from Recurrent Energy

Funds managed by Triple Point have acquired Hessay Solar, a 49.2MW solar project located in York, from Recurrent Energy, a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ). Having secured planning consent, the project covers approximately 61.3 hectares and is expected to generate enough clean electricity to supply around 14,100 homes each year once it reaches commercial operation.

Grid connection is targeted for the second half of 2027, with construction already underway, and the project is set to deliver significant biodiversity benefits alongside its clean power output.

Hessay Solar was awarded a Contract for Difference (CfD) by the UK Government in the Sixth Allocation Round (AR6). The contract will secure revenues over a period of 15 years, indexed to inflation, underscoring the long-term value of the asset.

Under planning regulations, major developments must deliver a minimum 10% biodiversity net gain. Hessay Solar substantially exceeds this threshold, delivering a 63% increase in habitat units, a 91% increase in hedgerow units and a 29% increase in river units, achieved through hedgerow planting, wildflower meadow creation and grassland enhancement.

This marks the second solar acquisition completed by funds managed by Triple Point this year, following the acquisition of a 28MW solar project in Essex in January.

Jonathan Hick, Head of Energy Transition at Triple Point, said:

“The acquisition of Hessay from Recurrent is an exciting milestone. It reflects our strategy of securing ready-to-build sites with near-term grid connection dates and attractive long-term contracts to accelerate the delivery of renewable energy infrastructure. Construction has already commenced and we look forward to seeing the site become operational at the end of next year. We are particularly pleased that Hessay will deliver an overall Biodiversity Net Gain  above the minimum requirement of 10%, a testament to the calibre of the Recurrent Energy development team.”

Dylan Marx, CEO at Recurrent Energy, said:

“This transaction reflects our continued ability to bring well-conceived, environmentally responsible projects to a stage of readiness that generates real value for both investors and host communities. The Hessay Solar CfD, secured in the Sixth Allocation Round, further underscores the quality and long-term value of this asset. We are particularly proud of the biodiversity outcomes achieved at the project, which significantly exceed regulatory requirements, and we look forward to witnessing the project’s progress towards energization.”