The National Renewable Energy Centre (Narec) has announced the formation of a new photovoltaic division – Narec Solar Ltd.

Muckle LLP have assisted Narec in the formation of  the new company following an investment made by a European partner. This will now allow Narec to continue to provide solar energy products and services to clients around the world.

Narec Solar will work with their new partners to grow a global client base for solar cells, solar cell modules, research and development, and consultancy services. Narec have  restructured its core operations to focus on the development of offshore renewable technologies – wind, wave and tidal. The sale was structured to create a new standalone business, with Narec also maintaining an ongoing interest in the new company – so the links and support remain.

The formation of Narec Solar has resulted in 15 employees being  transferred into the new company, who will sub-lease the existing PVTC premises in Blyth and continue business as normal, as a fully commercial operation.

Source: BDaily
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