Korkia exits ready-to-build solar and battery project in the UK to a fund managed by NextEnergy Capital

HELSINKI, March 12, 2025 /PRNewswire/ -- Korkia's development company Climate ER Helio, a joint venture between Korkia and Climate ER, announced the sale of the Mere Flats project to a fund managed by NextEnergy Capital. The project will add 56 MWp of solar power capacity, combined with 16 MW battery energy storage capacity, to the UK national grid.

Mere Flats is the first project within the development company's nine-project solar and battery energy storage system (BESS) portfolio in the UK to reach a ready-to-build stage. Located in South Yorkshire, the project is fully consented with all key permits and land rights in place. When completed, the facility will provide renewable electricity for over 20,000 households annually^[1].

With one of the largest independent development pipelines of over 130 projects in eight countries and over 20 GW in renewable energy and energy storage projects, Korkia is a global investor and developer of utility-scale ground mount PV solar, BESS and onshore wind.

"We are pleased to announce the successful closing of this transaction which marks an important step for Korkia's strategy. Our portfolio across eight countries has matured significantly. With many projects set to reach a ready-to-build phase in 2025, we remain well-positioned and anticipate more activity in the market this year," said Pauli Mäenpää, CEO of Korkia. "2024 was a record year for investments in the renewables sector globally, and growth in solar and wind capacity is expected to reach a new high in 2025. Korkia, along with its investors, is proud to be part of this development towards a more sustainable energy system."

"Reaching this milestone in the UK is a significant achievement in a key market for Korkia, and we would like to congratulate our local development partner, Climate ER, with whom we have worked closely for over three years. We are also pleased to further our relationship with NextEnergy, with whom Korkia has also transacted with in Spain and Chile. As one of the largest solar developers globally, NextEnergy's strong experience in similar projects made it the perfect choice to take the project forward," said James Spooner, Head of M&A at Korkia and Director of Climate ER Helio.

Spyros Sfantos, Investment Director UK, NextEnergy Capital, commented:
"As the UK Government pledges to ramp up solar power capacity from 16GW to 70GW by 2035, NextPower UK and the team at NextEnergy Capital are in a great position to capture this growth. The Mere Flats acquisition from Korkia is a great example of a high-quality solar asset that is driving this impact into the renewable growth agenda and marks NPUK's fifteenth acquisition, expanding the fund's portfolio capacity to 731MW." 

Korkia and Climate ER Helio were advised on the sale by PKF Francis Clark and TLT with vendor due diligence by GA Solicitors and eSmart Networks.

Additional information

Pauli Mäenpää
Group CEO, Korkia
+358 50 550 7121
[email protected]

James Spooner
Head of M&A, Korkia and Director, Climate ER Helio
+44 781 733 4641
[email protected]

About Korkia

Korkia is an accelerator of the energy transition. We are the preferred partner for asset developers, owners and investors, throughout the value chain. Our mission is to produce renewable megawatts to the market to ensure that future generations have an economically prosperous and sustainable world to live in. We develop utility-scale renewable energy and energy storage together with project developers around the world. Currently we operate in Europe, North America and South America – but we are only getting started. 

About NextEnergy Capital

NextEnergy Capital is part of the NextEnergy Group, which was founded in 2007 to become a leading market participant in the international solar sector. Since its inception, it has been active in the development, construction, and ownership of solar assets across multiple jurisdictions. NextEnergy Group operates via its three business units: NextEnergy Capital (Investment Management), WiseEnergy (Operating Asset Management) and Starlight (Project Development). To date, NextEnergy Capital has $4.4bn of AUM and has invested in over 533 individual solar plants for a capacity in excess of 3GW across its institutional funds. www.nextenergycapital.com

^[1] Calculated with Ofgem's estimate of typical British households' consumption 2,700 kWh/year: 56MWp (capacity) * 998 kWh/kWp (specific yield) = 55,888 MWhs solar generation per annum. https://www.ofgem.gov.uk/information-consumers/energy-advice-households/average-gas-and-electricity-use-explained

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SOURCE Korkia