The Solar Energy Company Urbanvolt, based in Dublin, has agreed a new debt facility of € 40 million (£ 34 million) with International Bank HSBC.
The company, which performs ‘Solar As a Service’ propositions for large companies, including Heineken and multinational manufacturer Flextronics, says that financing will be used to extend its services to commercial and industrial customers in both Ireland and Great Britain.
UrbanVolt offers design, financing, installation and maintenance services for solar panels for customers who want to benefit from solar energy without the maintenance of it, and sturdy locks in electricity percentages up to 30 years from the date of installation.
This new financial package raises the total financing of debts and equity by the company to € 230 million (£ 195.83 million). In 2023, the company obtained a share investment of € 26 million (£ 22 million) from Norwegian growth investor Verdane.
Justin Jacober, CEO of Urbanvolt, called the financial package ‘an important milestone’ in the growth ambitions of the company in Ireland and Great Britain. Jacober added: “In an unpredictable worldwide economic climate, this financing strengthens the position of urban volt in the renewable energy sources sector and offers stability and trust to customers who switch to renewable energy.”
The sun is shining on the Emerald Isle
This news comes when the ambitions of the solar generation of Ireland continue to rise. March of this year saw a new record for the Irish solar generation. Accordance to Ireland’s Grid Operator Eirgrid, on 25 March, Grid-Scale Solar Power in the Republic of Ireland Supplied 750MW at One Stage of the Day-About 18mw More than the Previous Record for Irish Solar, which was set Ancordes to solar media, about Solar media, about Solar media, to Solar media, to Solar Medh, to Solar Medh, Utility-Scale Ground-Mounted Solar was Added in Ireland in 2024, Taking the Total for Operational Capacity in the Republic of Ireland to more than 1 GW.
In the meantime, two solar developments have granted contracts in the second renewable electricity support schedule in Ireland (RESS) in 2022, recently reached important milestones in their development. Neoen announced last month that it had started with the construction of the 21.7 MWP Threecastles Solar Power Station, located in County Wicklow, the second site that Neoen has developed in County Wicklow. The project is expected to be online in 2026 and will benefit from the CFD mechanism until 2040.
In addition, Eirgrid has a 110kV -under station in the Provincial Meath, a process that undertakes it and at the same time reinforce the nearby 85 MW/93MWP Gaskinstown Solar PV factory, which also received a contract in the Ress 2 auction round. The project, which Highfield Solar develops, was also partially financed by Rabobank, which secured € 65 million (£ 54.4 million) in debt financing for the project.
Large financing moves for the sun sector
Urbanvolt is far from the only Solar PV company that lands large financial deals to guarantee growth. Last month, Zonne -Energy -developer Auera Energy announced that it had obtained a senior £ 135 million debt facility from the international banks Deutsche Bank and Rabobank, which will be used to finance the development and construction of five British solar projects with a combined capacity of 220 MWP.
Rabobank also worked with Aura Power to secure a £ 33.1 million financial package to enable the developer to achieve financial closure on the 40 MW Burtree Lane Solar Project.
