Ecotricity, a green electricity company, has secured planning permission from the East Lindsey Council, to develop the first of the Sun Park projects, fields of PV panels producing electricity from sunlight and connecting directly into the UK grid.
Ecotricity's first Sun Park will consist of 1MW array of panels located adjacent to one of its Wind Parks in Lincolnshire and will combine the energy of both the wind and the sun into one to generate enough electricity for around 280 average homes each year for the next 25 years.
The project, which will have 2m high PV panels standing in 59 rows on a 4.7 acre site, will be funded by EcoBonds - fixed rate bonds from Ecotricity, subject to a minimum GBP500 investment, with an initial 4-year term, paying an annual rate of interest of 7%, or 7.5% for Ecotricity customers.
Ecotricity plans to begin work within a few weeks at the site that is claimed to deliver an 'energy payback' of two years to get the project ready for full operation by March next year.
Ecotricity founder Dale Obe said that this is a new initiative for Ecotricity and for the UK as it's not just new green power source that can be harnessed on a large scale through our Sun Parks, but also the chance to combine that with wind energy.