UK solar energy company ISIS Solar has closed a £2m funding deal with rural business network Borders Machinery Ring that will see it offer cost-free solar arrays to rural areas in Scotland.
The £2m in initial funding will cover the costs of the first 1MW of solar projects the company installs as part of an ongoing deal.
ISIS said is expects to increase the installation of solar arrays to ten times the capacity in the coming months and years.
It will make the initial sum available to 20 solar project applicants in Scotland, which it expects will increase to exceed 100 within a matter of weeks.
The central aim of the partnership is to make solar energy available to rural areas of Scotland. It follows the UK government’s decision to reduce large-scale solar feed-in tariff payments.
While ISIS said in a statement that the fast-track review of this subsidy has caused a serious hiatus within the commercial solar industry, its recent deal signals that there are still considerable opportunities to develop the industry in the UK.
The company will focus on the installation of solar projects with capacities under 50kW that are therefore unaffected by the recent review.
It said the model is different to previous utility-scale commercial projects because rather than exporting all the electricity to the National Grid, the power will be generated on-site.
First Minister Alex Salmond has increased the country’s renewable energy target to 100 per cent by 2020, ruling out new nuclear power stations.
ISIS Solar’s founder and director Lawrence Buckley said, ‘This solar deal is just one example of how ISIS solar is making solar power cost effective for the UK. ISIS solar also offers solar panels at no cost to home owners for whom generating their own electricity is also helping to negate rising energy bills and fuel poverty.’
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