Low Carbon raises ₤ 310m in debt to fund solar growth
- Programmer will be able to 'enhance its efforts' to create 448MW of PV with additional finance in place
International renewable energy firm Low Carbon has actually raised its existing solar construction facility by an added ₤ 310m with global banks ABN AMRO, ING, the Commonwealth Bank of Australia and Intesa Sanpaolo (IMI CIB Division).
The money facility takes the complete amount of financial obligation funding increased by Low Carbon to ₤ 540m, making it one of the largest gross property value (GAV) based construction debt facilities in the private sector.
With this financing, Low Carbon will have the ability to "enhance its efforts" to grow its core capacity through the construction of 448MW of solar PV projects in the UK as well as the Netherlands.
Incorporated with the initial money facility revealed in 2015, the additional funding brings Low Carbon's complete solar pipe incomplete in the UK as well as Europe to about 1GW.
The four banks will join NatWest, Lloyds Bank as well as AIB in the existing facility to aid fulfil the business's ambitious project pipeline and its objective of building 20GW of renewable resource capacity by 2030.
Creator and Chief Executive of Low Carbon, Roy Bedlow (imagined), claimed: "We are delighted to have four leading worldwide banks join our efforts to speed up the deployment of renewable resource facilities at scale.
" The UK and the Netherlands represent key investment markets for Low Carbon, and releasing almost 1GW of solar PV capacity will play a substantial duty in helping us to deliver our critical goal of developing 20GW of new renewable resource capacity by 2030."
