JBM Solar, the UK’s largest solar and co-located storage developer, is acquired by RWE

Highlights

• JBM’s solar and co-located storage pipeline, as well as existing team of 30 professionals look forward to an exciting future as part of RWE
• 3.8 gigawatt solar and 2.3 gigawatt co-located storage development pipeline in GB
• The first solar and battery storage projects could be operational as early as end of 2024, with a number of projects already consented

Background

JBM Solar, a solar photovoltaic (PV) and storage development company, has been sold by Susgen to RWE, the UK’s leading power producer.

The sale includes JBM’s existing pipeline of 3.8GW solar PV and 2.3GW co-located battery storage, which will form the cornerstone of RWE’s ambitions to grow its solar ambitions in the UK.

RWE already operates a diverse portfolio of onshore wind, offshore wind, hydro, biomass and gas, accounting for around 15% of all electricity generated in the country, and equivalent to the needs of around 14 million UK homes. The acquisition forms an important part of RWE’s commitment to growing and diversifying its renewables portfolio in the UK.

Through the acquisition, JBM’s team of dedicated professionals will be central to RWE’s solar presence in the UK, leveraging its deep commercial and delivery expertise to optimize and expand the value of the development pipeline into construction and operations. A number of projects are ready for final investment decision and have secured the necessary planning approvals from the relevant authorities. This means that the first solar and battery storage projects could be operational as early as end of 2024. It is expected that on average about 450 megawatts (MWac) per year will be commissioned.

This will build upon JBM’s exemplary track record, having achieved 100% success rate on planning to date in the post-subsidy era. JBM has continuously delivered successful outcomes for landowners, communities, and the planet, by prioritising significant biodiversity net gain enhancement on its projects and extensive community engagement, ensuring positive stakeholder relationships and listening to the voices of the community in which they work.

The team at JBM Solar has developed a reputation for delivering innovative solar farms that incorporate the latest solar and battery technology, including bifacial panels, single-axis trackers where appropriate, and DC-coupled battery storage to ensure projects are readily deployable and future-proofed for an increasingly complex energy market.

Adam Swarbrick, Commercial Director at JBM commented: “We are delighted to have been acquired by RWE, which ensures JBM Solar will make a meaningful contribution to the UK’s legally binding targets to decarbonise the UK electricity market. Solar has a significant role to play in the UK energy mix, delivering solutions for existing and future challenges across energy security, the cost-of-living crisis and climate change.”

BNP Paribas acted as exclusive financial adviser to JBM solar.

Linklaters, TLT, KPMG and Everoze also advised on the sale process.

About JBM Solar

JBM Solar is a team of seasoned project development and finance professionals that originates and delivers utility-scale solar and co-located battery storage projects across the UK.

JBM Solar is at the heart of the UK’s renewables revolution, with a vision to power the country with reliable, affordable, clean solar energy. JBM brings the benefits of solar energy to communities and the planet – at the scale and pace that is needed to help the country meet its net zero ambitions.

The JBM team has been developing projects since 2012 and is proud to have achieved planning consent status for a number of solar and storage across the UK and Ireland. JBM remains at the forefront of development with one of the largest solar and co-located battery storage portfolios in the UK.

About RWE

RWE is leading the way to a green energy world. With an extensive investment and growth strategy, the company will expand its powerful, green generation capacity to more than 50 gigawatts internationally by 2030. RWE is investing more than €50 billion gross for this purpose in this decade. The portfolio is based on offshore and onshore wind, solar, hydrogen, batteries, biomass and gas. RWE Supply & Trading provides tailored energy solutions for large customers. RWE has locations in the attractive markets of Europe, North America and the Asia-Pacific region. The company is responsibly phasing out nuclear energy and coal. Government-mandated phaseout roadmaps have been defined for both of these energy sources. RWE employs around 19,000 people worldwide and has a clear target: to get to net zero by 2040. On its way there, the company has set itself ambitious targets for all activities that cause greenhouse gas emissions. The Science Based Targets initiative has confirmed that these emission reduction targets are in line with the Paris Agreement. Very much in the spirit of the company’s purpose: Our energy for a sustainable life.