A PRIVATE investment deal worth £1 million between Tecsola plc and Knowes Housing Association to instal solar panels at KHA properties in Faifley, Clydebank, will alleviate fuel poverty for tenants who live in the development.
The injection of cash by Tecsola, a private equity investment company, has enabled Edison Energy to instal solar PV panels on 117 of Knowes' properties. The deal will help KHA tenants who will receive free electricity.
The installation was completed by December 12 to ensure that the solar panels qualified for the pre-December 12 feed-in tariff.
Stephen Bradley, of Edison Energy, said: "As an organisation committed to reducing the impact of fuel poverty, we are delighted to be part of this deal. It's very significant for the tenants of Knowes Housing Association who will benefit from the free electricity being produced for their landlord. This is a great partnership approach where Tecsola is rewarded for its investment through future revenues from the electricity produced by this clean energy option."
Pierre De Fence, of the Knowes Housing Association, said: "We are delighted to have worked with Edison Energy to complete what will be one of the only Housing Association projects in Scotland of this kind to meet the cut-off date for the new feed-in tariff. Our tenants are going to see real benefits through the reduction in their energy bills at a time when fuel poverty is on the increase."
Douglas Taylor and Craig Stirling, partners at law firm Davidson Chalmers, acted as Edison's legal advisers on the deal.
Mr Taylor, a renewables specialist at the firm, said: "This is a very innovative deal from a progressive organisation that is focused on alleviating fuel poverty through creative financing partnerships. The deal with Tecsola and Knowes is a great example of a 'win win' in delivering a socially focused solution between the private sector and housing associations.
"This is a fantastic model that has the potential to be replicated across Scotland to benefit a large number of housing association tenants."
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