BOOM Power has successfully secured a co-investment partnership with Topsun, a South Korean investor and solar solutions expert. Topsun’s investment focuses on the Low Farm Solar Farm, located north of Flockton and east of Overton near Wakefield, West Yorkshire. The project spans 210 acres and will generate up to 49.9 megawatts of low-carbon electricity for the local distribution network.

This co-investment aligns with BOOM Power’s strategy to build, own, operate, and maintain its growing portfolio. As an equity holder, BOOM Power will manage the construction of the Low Farm Solar Farm, with work scheduled to begin in 2025, aiming for commercial operation in 2026. Topsun, partly owned by the SK Group, a South Korean multinational conglomerate, is making its first renewable infrastructure acquisition in the UK through this partnership. Topsun has ambitious plans to expand its portfolio and has recently established a UK subsidiary, Topsun Power Ltd.

The Low Farm Solar Farm has been designed to integrate harmoniously with the local landscape and cultural heritage, responding to feedback from the community. The project will also enhance biodiversity, achieving a 92% net gain in habitat units and a 32% net gain in hedgerow units. These efforts will improve green infrastructure corridors, benefiting wildlife and enhancing the recreational experience for users of the Public Right of Way (PRoW).

Additionally, the Low Farm Solar Farm was awarded 49.9MW of capacity in the UK’s Contract for Difference (CfD) scheme, allocation round 6 (AR6), in September 2024. The project secured a solar PV strike price of £50.07 per megawatt-hour (MWh), a significant milestone that underscores the UK government’s commitment to prioritising solar energy.

Mark Hogan, Founder of BOOM Power states, “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. 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.”

Dr Jeong Taek Yoon, the CEO of Topsun states, “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.”

Topsun were supported by transactional advisors Renewgy Capital, a leading renewables advisor, headquartered in the UK.