In a strategic move set to redefine the clean energy landscape, Enviromena, a pioneering clean energy developer, has officially sealed a monumental £200 million debt and construction facility agreement with Close Brothers. This financial milestone marks a significant leap forward in Enviromena's ambitious mission to construct a staggering 500MW of cutting-edge generating assets by 2025.
The groundbreaking deal with Close Brothers comes hot on the heels of Enviromena's triumphant completion of a substantial £65 million equity raise. With this combined financial firepower totalling a remarkable £270 million, Enviromena is now poised to propel its burgeoning solar farm projects to new heights. Over 400MW of these visionary projects are primed for submission into the intricate planning system over the next nine months. Moreover, the wheels of progress are set in motion for the commencement of work on an impressive 150MW of projects before the year draws to a close.
Beyond the immediate horizon, this infusion of capital will catalyze Enviromena's grand vision of expanding its self-developed ground mount solar pipeline to a jaw-dropping 2GW by 2025.
It added that in addition to developing its projects, it would look to acquire ready-to-build, fully consented solar projects from third parties that could help "turbocharge its growth plans".
Chris Marsh, CEO at Enviromena, said: "Close Brothers have a strong track record in the renewables industry, so we are delighted to announce this latest arrangement. Following the equity raise, this additional facility allows us to enhance our ability to fund our ambitious plans.
"Enviromena is committed to leading the transition to a world powered by clean energy by providing safe, affordable, and reliable clean energy solutions to customers across the UK and Europe.
"In addition to supporting the ongoing development and build out of our existing self-developed pipeline, this new funding arrangement also puts us in a strong position to acquire ready-to build projects developed by third parties to accelerate the growth of our portfolio."