On Wednesday, Low Carbon, a renewable energy investor, declared they had successfully attained an additional £310 m of debt financing from several globally renowned banking institutions to back the construction of extensive solar power array projects in the UK and the Netherlands.
Last year, the company set up a financial facility to finance its goal of constructing 1GW of solar power in two countries, starting with an injection of £230m from partner banks. This week, the debt funding was augmented, increasing the total to £540m.
ABN AMRO, ING, the Commonwealth Bank of Australia, and Intesa Sanpaolo (IMI CIB Division) have all joined the solar financing facility, with NatWest, Lloyds Bank, and AIB having already supported it in the past year.
In conclusion, Low Carbon has reported that the solar financing initiative is now one of the most extensive construction debt facilities in the private sector in terms of gross asset value.
The company has forecasted that the construction of 1GW of photovoltaic systems through the facility would be sufficient to provide electricity to more than 350,000 households, thus helping to decrease over 300,000 tonnes of CO2 from energy sources based on fossil fuels.
Roy Bedlow, founder and head of Low Carbon, expressed his pleasure at having four world-renowned banks become part of their mission to speed up the installation of renewable energy systems. He mentioned that the UK and the Netherlands are vital to Low Carbon's investment plans and that the structure of nearly 1GW of solar PV capacity will be a significant factor in accomplishing their goal of bringing 20GW of renewable energy into operation by 2030.