BOOM Power has secured a co-investment partnership with Topsun, a South Korean investor and solar solutions expert.
Topsun’s investment focuses on the Low Farm solar plant, located near Wakefield, Yorkshire. The project spans 210 acres and will generate up to 49.9 MW 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 and 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 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 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 public rights of way.
Additionally, the Low Farm solar farm was awarded 49.9 MW of capacity in the UK’s contract for difference scheme, allocation round 6, in September 2024. The project secured a solar photovoltaic strike price of £50.07/MWh, a milestone that underscores the UK government’s commitment to prioritising solar energy.
Mark Hogan, Founder of BOOM Power, stated: “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. 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, CEO of Topsun, added, “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 milestone for our company. With our focus on renewable energy and our experience in developing and building solar projects, we believe there are many synergies in working with 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.
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