Clean energy solutions company Enviromena has reached financial close on the development of its 70MW Medebridge Solar Farm in Essex.
The £30m deal, concluded with Close Brothers Energy as part of a wider facility agreed in December 2023, includes a development and term loan facility. The facility will be used to finance the construction and operation of the solar farm near South Ockendon.
Once operational, the large-scale project will generate more than 71,000 MWh per year. Construction is expected to be completed in the summer of 2025.
Chris Marsh, CEO of Enviromena, said: “We are pleased to announce the financial close of the Medebridge project with Close Brothers Energy. Medebridge will make a significant contribution to the UK’s net zero targets over the next forty years, benefiting local wildlife and habitat. We have built a strong partnership with the Close Brothers Energy team and we look forward to working with them in the future.”
Richie Kidd, head of sales for the energy team at Close Brothers, said: “Having worked closely with the Enviromena team for a number of years, we are pleased to have been involved from the outset in financing this large-scale solar development energy.
“Enviromena’s growth ambitions are always inspiring, and we look forward to continuing to support them in their quest to deliver 500 MW of solar energy in Britain by 2026.”
Enviromena develops, builds, owns and operates renewable energy assets worldwide and manages more than 300 MW of renewable energy projects. It is working on a solar and storage pipeline of more than 3 GW of projects in the UK and Italy.
This funding marks a revival for the clean solutions company, which recently unanimously rejected its plans for a solar energy development in the New Forest National Park. The Medebridge project is being built on 175 hectares of low-grade agricultural land.
Enviromena has also recently secured planning permission for what it says will be the largest self-developed solar project located in Dorset. The 42.43 MWp project has been in the planning process since November 2021.
