Freetricity signs a new contract with Zouk Capital to build a second portfolio of distributed solar PV systems
Freetricity has signed a second contract with Zouk Capital, the infrastructure and private equity fund manager investing in the clean economy, to install up to 10,000 free residential solar PV systems in the South of England and South Wales. Freetricity’s first contract involved the installation of 3,000 rooftops systems as part of the 7,000 unit portfolio that Zouk sold to Aviva Investors in July 2014.
The investment model enables homeowners and social housing residents to benefit from free use of the electricity generated by the solar PV systems. The systems are installed at no cost to the residents and can reduce household power bills substantially, which helps to relieve many from fuel poverty.
In announcing the deal, David Plummer, Freetricity’s CEO, said, “We are delighted to be working with Zouk again. This contract continues a very successful working relationship and is part of Freetricity’s wider strategy to become a clean energy utility.”
Colin Campbell, Managing Partner at Zouk Capital said, “We were the pioneers of distributed solar projects of this type in the UK. Distributed solar PV remains an extremely efficient method of power generation, has a strong carbon benefit and provides fuel poverty relief, while at the same time fits our fund’s capital gain strategy.”
Zouk were represented in the transaction by Eversheds and Freetricity by Bird and Bird.