LXi sets sights on solar with Biggin Hill deal

LXi REIT has kicked off its plans to fit solar panels across its portfolio with a scheme secured at Biggin Hill in south-east London. The 1.2MWp solar array will be added to the REIT’s 232,000 sq ft development at Biggin Hill Airport, which is prelet to Bombardier on a 35-year lease with no breaks. LXi said the array was being funded by Octopus Energy at no cost to the REIT, with a power purchase agreement in place with Bombardier. The array will provide approximately 30% of Bombardier’s total electricity consumption at the site. Electricity will also be sold to the occupier at a heavily discounted rate compared to the National Grid. It is expected to generate more that 1,100MWh of renewable electricity annually, saving approximately 252 tonnes of CO2e emissions each year – equivalent to 1,500 trees. The group has plans for a further eight solar arrays in its near-term pipeline, totalling around 6.5MWp, as well as six electric vehicle charging projects. This is being seen as the first phase of a plan that will roll out PV installations and PPA structuring across the portfolio, which could reduce the REIT’s total carbon emissions by up to 10%. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews