BOOM Power has secured a co-investment partnership with Topsun for the development of the Low Farm Solar Farm, a 49.9MW project located in West Yorkshire. The solar farm, spanning 210 acres, is situated north of Flockton and east of Overton, near Wakefield. The project is scheduled to begin construction later this year, with commissioning expected in 2026.
As part of the partnership, BOOM Power will oversee the construction of the solar farm, with the company holding an equity stake in the project. Topsun, a company partly owned by the South Korean multinational conglomerate SK Group, is entering the UK renewable energy market with this acquisition, marking its first renewable infrastructure investment in the country. Topsun recently launched a UK subsidiary, Topsun Power Ltd., to support its expansion efforts.
The Low Farm Solar Farm has been designed to blend seamlessly with the local landscape and cultural heritage, addressing community feedback throughout the planning process. BOOM Power also emphasized that the project will contribute to biodiversity enhancement, with a 92% net gain in habitat units and a 32% net gain in hedgerow units.
The project was awarded 49.9MW of capacity under the UK's Contract for Difference (CfD) scheme in the September 2024 allocation round. It secured a solar PV strike price of £50.07 per megawatt-hour (MWh), underlining its competitiveness in the UK's renewable energy sector.
Mark Hogan, founder of BOOM Power, expressed enthusiasm about the partnership, stating, “The structure of this acquisition has been designed to ensure BOOM's long-term investment in the project. Partnering with Topsun has allowed both parties to achieve their respective company objectives while advancing the project to the next stage of construction.”
Hogan added, “This is a fantastic project to welcome Topsun to the UK, and I have no doubt their journey here will be successful. We look forward to continuing our partnership with Topsun on the Low Farm project and other BOOM projects in development as we work towards commercial operation and contribute to the UK's journey towards a net-zero energy future.
Topsun's CEO, Jeong Taek Yoon, commented on the significance of the deal, saying, “We are delighted to have signed this agreement and to be partnering with BOOM Power on the financing and construction of the Low Farm project. As Topsun's first investment in the UK, this marks a significant milestone for our company. With our strong focus on renewable energy and extensive experience in developing and building solar projects, we believe there are many synergies in working with an established company like BOOM Power to enter and grow within the UK renewable energy market.
