Korean energy group Topsun has closed its maiden investment in the UK with a deal for a majority stake in the consented 49.9 MW Low Farm solar project in West Yorkshire from developer Boom Power, it is understood.

The company, which is backed by the conglomerate SK Group, completed the purchase on January 10, according to company records, and will now bid to take the CfD-backed scheme into construction over the coming months.

Boom is believed to be maintaining a meaningful minority stake in Low Farm and will remain engaged on the remaining development and construction duties.

A key component of this will be to raise a project finance facility to help fund construction, with the transaction understood to potentially also include the 22.4 MW New Hall PV development in Wakefield, also in West Yorkshire.

The latter site is presently subject to a planning appeal after being initially refused by Wakefield Council, and the national Planning Inspectorate is expected to report on the plans by late March.

If the decision goes the way of Boom Power, then Topsun is also expected to invest in New Hall, although the asset will likely feature a PPA rather than CfD.

The companies are expecting to be able to place around 70% debt as a percentage of capex across the two projects, it is understood.

Low Farm secured its GBP 50.07/MWh (2012 prices) CfD during allocation round six in 2024 and is expected to reach operations in late 2026, according to CfD data.

Topsun and Boom were contacted for comment.