Korkia exits ready-to-build solar and battery project in the UK to a fund managed by NextEnergy Capital
HELSINKI, March 12, 2025 /PRNewswire/ — Korkia’s development company Climate ER Helio, a joint venture between Korkia and Climate ER, announced the sale of the Mere Flats project to a fund managed by NextEnergy Capital. The project will add 56 MWp of solar power capacity, combined with 16 MW battery energy storage capacity, to the UK national grid.
Mere Flats is the first project within the development company’s nine-project solar and battery energy storage system (BESS) portfolio in the UK to reach a ready-to-build stage. Located in South Yorkshire, the project is fully consented with all key permits and land rights in place. When completed, the facility will provide renewable electricity for over 20,000 households annually[1].
With one of the largest independent development pipelines of over 130 projects in eight countries and over 20 GW in renewable energy and energy storage projects, Korkia is a global investor and developer of utility-scale ground mount PV solar, BESS and onshore wind.
Pauli Mäenpää, CEO of Korkia, said:
We are pleased to announce the successful closing of this transaction which marks an important step for Korkia’s strategy. Our portfolio across eight countries has matured significantly.
“With many projects set to reach a ready-to-build phase in 2025, we remain well-positioned and anticipate more activity in the market this year.2024 was a record year for investments in the renewables sector globally, and growth in solar and wind capacity is expected to reach a new high in 2025. Korkia, along with its investors, is proud to be part of this development towards a more sustainable energy system.”
James Spooner, Head of M&A at Korkia and Director of Climate ER Helio, said:
Reaching this milestone in the UK is a significant achievement in a key market for Korkia, and we would like to congratulate our local development partner, Climate ER, with whom we have worked closely for over three years.
“We are also pleased to further our relationship with NextEnergy, with whom Korkia has also transacted with in Spain and Chile. As one of the largest solar developers globally, NextEnergy’s strong experience in similar projects made it the perfect choice to take the project forward,”
Spyros Sfantos, Investment Director UK, NextEnergy Capital, commented:
As the UK Government pledges to ramp up solar power capacity from 16GW to 70GW by 2035, NextPower UK and the team at NextEnergy Capital are in a great position to capture this growth.
“The Mere Flats acquisition from Korkia is a great example of a high-quality solar asset that is driving this impact into the renewable growth agenda and marks NPUK’s fifteenth acquisition, expanding the fund’s portfolio capacity to 731MW.”
Korkia and Climate ER Helio were advised on the sale by PKF Francis Clark and TLT with vendor due diligence by GA Solicitors and eSmart Networks.
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Korkia exits ready-to-build solar and battery project in the UK to a fund managed by NextEnergy Capital, source
