Voltalia UK Scores £19 Million Loan from Triodos Bank to Fuel 34MW Solar Project

Voltalia has successfully raised a £20 million finance package to bring to life its ambitious 34MW solar project near Scarborough, North Yorkshire. The funding includes a construction and long-term operating loan worth up to £18.9 million from Triodos Bank UK, alongside a €1.1 million debt service reserve facility (DSRF).

Construction is already underway, and the plant is planned to be up and running by the end of 2025. When completed, the Eastgate Solar project will feature an impressive array of 62,500 solar panels, generating renewable energy for the UK’s grid.

Moreover, the project has secured a 15-year corporate power purchase agreement (PPA) with The Co-operative Group. This strategic partnership will help power 7.5% of the Co-op’s electricity needs, spanning its food stores, distribution centres, and funeral care homes across the UK.

With a strong financing base and long-term sustainability goals, Voltalia positions Eastgate Solar as a significant player in the UK's renewable energy landscape.

Yoni Ammar, deputy CEO of Voltalia, said: “This significant investment reinforces our commitment to expanding our renewable energy footprint. 

“We’re dedicated to developing projects that drive positive environmental and social impact and are proud to play a significant role in advancing the UK's transition to a cleaner, more sustainable energy future.”

Triodos Bank UK specialises in finance for organisations with a clear social and environmental purpose and has three decades of experience in the renewable energy sector.

Chris Cullen, senior relationship manager at Triodos Bank UK, added: “We’re pleased to be supporting Voltalia UK in its plans to further increase its renewable energy capacity.

The Eastgate Solar project demonstrates how organisations with similar ambitions for a low-carbon future can work together to invest in renewable energy sources, drive demand for clean power, and create a stable market for sustainable energy projects.”