NEWSREVIEW UK investor tips solar
OCTOPUS INVESTMENTS has launched its latest Venture Capital Trusts (VCTs) with funds to be invested predominantly in the solar sector. Octopus is to channel its investments through developer Lightsource Renewable Energy.
Following the race to complete large scale solar farms by August 1st to qualify for the government-backed Feed In Tariff, Octopus emerged as one of the largest investors in the solar sector in the UK.
Its new VCT funds will be committed to companies developing medium sized installations which still qualify for the government cash-back scheme for renewable energy.
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The VCT’s have enabled hundreds of small scale investors to gain access to the stable revenue underpinned by the Government’s Clean Energy Cashback Scheme. The FiT gives 25-year RPI-linked subsidies for electricity generated by qualifying solar power installations. The minimum investment is £3,000.
Octopus Managing Director Paul Latham said: “We see this as an extremely
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attractive VCT offering for investors. The key benefit of this structure is that it is a ‘limited life’ VCT but also a ‘flexible life’ vehicle for those looking for more long- term tax-free dividends.
Simon Rogerson, Chief Executive Officer at Octopus Investments, said: “We have got an enviable record for solar investment. Thanks to our investment partner Lightsource we’ve delivered more large scale solar installations than any other investment company in the country. We’re currently raising more than £10 million a month into our solar-focused Octopus Enterprise Investment Scheme (OEIS) which, like Octopus VCT 3&4, invests companies constructing sub- 50kWp sites.”
Britain to benefit from China’s support
RENEWABLE ENERGY developers in Britain predict that state support for solar power in China will result in further price reductions in PV panels in the UK. China has announced a nationwide feed-in-tariff (FiT) scheme to accelerate development of its domestic solar energy industry.
“China has created many cleantech companies that are driving value and efficiency into the production of standard crystalline silicon modules at an unprecedented rate,” explained Lee Summers, director of UK solar developers EOS Energy, yesterday. “Their problem is that they will be overproducing solar panels because of the slowdown in European and US markets. Their answer is to stimulate a huge domestic market for solar so that they can continue to sustain jobs and profits in that sector.”
Germany and Italy have recently reduced their solar FiTs and DECC cut support for large-scale developments earlier this year.
The good news for Britain’s solar developers was that the introduction of the Chinese FiT would continue to drive down prices of solar panels globally.
“The scale of the manufacturing output of the Chinese solar industry is driving down prices,” said Mr Summers. “At least half of all solar panels produced in the world are made in China.”
“It is true to say that the Germans are leading the way in the development of new solar technologies and the deployment of solar but the Germans are struggling to keep up on the cost reduction front leading to increased market share being gained by the Chinese manufacturers,” he said.
Miao Liansheng, of the Chinese solar panel manufacturers Yingli said: “We strongly believe that China will quickly evolve into one of the largest and most important solar markets in the world.”
RENEWABLE ENERGY sources such as wind turbines and solar PV panels sometimes get a bad press because of their aesthetic appearance. Now the results of a new survey should finally put this argument to bed - for solar PV panels at least! Over 700 people from across the country completed an online survey, which asked them to describe the look of solar PV panels on domestic roofs. Only 7% of respondents described them as an ‘eyesore’. The majority of respondents gave the panels a thumbs up describing them as ‘eye catching’ (12%), ‘futuristic’ (25%) and ‘green’ (56%).
Dave Langford is from solar panel installation company Solar Direct Savings (SDS) the company that carried out the survey. He said the results showed how these panels are slowly changing the traditional British roofscape and as a result, becoming more acceptable.
“Solar panels are more common, and across the UK are the most popular method of generating small scale renewable power,” said Dave. “Sales have largely been driven by the Government’s current FiTs. With traditional energy prices rising , people can expect to see a lot more solar PV panels over the coming years.”
Regionally, people in the East Midlands were most likely to find solar panels an ‘eyesore’ – though that was still only a minority of 8%. Yorkshire looks to have really embraced solar PV panels as more people here than elsewhere described the panels as ‘green’ (48%). This comes hot on the heels of another report which listed Sheffield and Leeds as top of a UK renewable energy installation list.
“Since the Government introduced the feed-in-tarrif, over 38,000 domestic users have benefited from solar PV panels,” said Dave. “The soaring price of traditional energy sources coupled with what is a very generous feed-in- tariff has seen canny purchasers make an investment, which some describe as giving better returns than an ISA.
www.solar-pv-uk.com Issue IV 2011
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