Independent power producer (IPP) Enviromena has secured an £825 million financing package to support the rollout of a 1GW solar PV portfolio in the UK.
The facility is structured as a flexible platform financing with an initial commitment of £525 million and £300 million of uncommitted accordion financing that will allow it to expand as projects progress from late development phase through construction and commercial operation, Britain-based IPP said.
The financing package has been endorsed by several national and international lenders, including BBVA, Intesa Sanpaolo (IMI CIB), Lloyds, NatWest and Société Générale.
The UK IPP currently operates almost 400 MW of renewable energy resources, with a further 3 GW under development and construction.
Chris Marsh, CEO of Enviromena, said: “This is a landmark transaction for our company and shows strong momentum in our growth strategy. With this support, we are accelerating the transition from development to delivery, building a gigawatt-scale solar platform to power homes and businesses and support the energy transition in the UK.”
In addition, Enviromena recently received approval from Rugby Borough Council to build the 16MW Lutterworth Solar Farm.
This is the second time the company has received planning approval this year. According to Mark Harding, Chief Development Officer at Enviromena, a further seven projects – with a combined capacity of more than 200MW – are expected to go to the planning committee over the summer.
These latest developments from the IPP come just a few months later concluded two Contracts for Difference (CfDs) with the British government during the last allocation round (AR7).
Two solar PV projects supported by the CfD started construction earlier this month. The projects, located in the western county of Shropshire, have a combined capacity of 90 MW and are expected to start installing the almost 125,000 modules in early summer. It is expected that both projects will be supplied with power by the end of 2026.
This article was first published on our sister site PV technology.
