Pennon speeds up plans for PV deployment, looks across the UK

Water and waste water company Pennon says it is in “advanced discussions with a range of counterparties” offering large scale solar development opportunities at sites situated across the UK, ranging in capacity up to 60MW.
In a trading update the company, which owns South West Water and Bristol Water, said the solar opportunities, which would be initially funded through the Group capital allocation of £160 million, “offer the potential for attractive commercial returns, with actionable near-term development timelines”.
Pennon said it was accelerating its plan to achieve around 50% self-generation by 2030. It added, that the rollout of solar generation across operational sites was being pursued alongside a dynamic hedging strategy. It has increased its hedging position for 2023/24 and it now has two thirds of energy needs de-risked.
Pennon has 2000 sites that use electricity, of which 400 sites account for 90% of the electricity consumed and these are being prioritised, based on consumption, to identify the most viable options for renewables.
Including self-supplied energy, the group said it used 357GWh of energy in 2020/21. In its annual report for 2020/21 Pennon said it currently operates more than 60 renewable energy installations, a mixture of hydroelectric power, wind, solar and biogas schemes, and said it is on track to add 13 solar sites to its portfolio.